SmartStream launches its second-generation AI data quality solution
SmartStream Technologies, the financial Transaction Lifecycle Management (TLM® ) solutions provider, today announces SmartStream Air version 2, the latest artificial intelligence (AI) technology to transform data quality and reconciliation processes that would usually be measured in weeks and months, to just seconds. In addition, with cloud-based technology accessed via a new user interface it manages large volumes of data, in any format, to achieve even higher match rates.
SmartStream Air version 2 has been launched to enable organisations with a unique solution to instantly compare all types of data sets, regardless of format and complexity. The latest version features inbuilt observational learning capabilities with a new AI technology called ‘Affinity’ – which automatically learns how records correlate to one another and can mimic and learn from actions made by a user. In just a few clicks, the AI establishes its own understanding of how records correlate and Affinity will assist the user to significantly reduce the time it takes for carrying out the matching of complex data sets. Ultra-fast matching results are delivered to the end-user with high-quality results.
This is the next-generation AI solution to be developed in the SmartStream Innovation Lab, and it delivers data quality and verification processes in an elastic cloud-based deployment model, using the latest technologies and digital friendly services. Customers are up and running straight-away and the solution can transform traditional data verification processes within seconds. Introducing Affinity as part of version two ensures any manually changed data matching activities get learnt and adopted for the algorithm’s future use.
SmartStream Air version 2 carries the PCI-DSS label, which is the most recognised data security standard, and has been certified at the highest level of security standards when hosting digital payments data. SmartStream’s solutions are also certified with SOC 1, SOC 2, SOC 3, attestation, and ISO 27001 and ISO 27002 standard. This ensures robust security controls across the whole organisation, including physical security, personnel security, fraud control mechanisms, IT & data security and data privacy.
Andreas Burner, Chief Innovations Officer, SmartStream, states: “We have 13 years of experience with cloud technologies and fully understand how these platforms need to behave. Also, this combined with our data scientists’ work and our powerful SmartStream Innovation Lab, we have the right level of experience to trustfully bring AI cloud technologies to the market, unlike any other vendor in the market today. With our new version of SmartStream Air and the encompassing AI technology, Affinity, both these capabilities know what needs to be done and the results are a lot faster than before. I’m very proud of our achievements, most notably with the user experience design, that enables non-IT staff to take multiple complex data sets and compare them within seconds. What's been really compelling is that you don't even need to understand the data, Affinity knows how to compare complex data sets and the results are achieved in seconds - it’s that simple”.
Victoria Harverson, Global Head of Business Development for SmartStream Air, states: “SmartStream Air is like nothing else, it transforms traditional operating models as it behaves like a consumer app and requires no training or configuration, and no IT projects are needed. We understand that when it comes to managing data and finding discrepancies quickly it’s of paramount importance that our customers have a solution for every scenario and don’t miss a thing. Controlling risks, delivering transformation projects and optimising data quality processes is going to be easier than ever with this introduction of our next generation AI application”.
SmartStream is a recognised leader in financial transaction management solutions that enable firms to improve operational control, reduce costs, build new revenue streams, mitigate risk and comply accurately with the regulators.
By helping its customers through their transformative digital strategies, SmartStream provides a range of solutions for the transaction lifecycle with AI and machine learning technologies embedded - which can be deployed in the cloud or as managed services.
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