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June 14 2023

How Is AI Helping Financial Institutions with Reconciliation

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In this video Roque Martinez from SmartStream RDU spoke to Doug Mackenzie about one of the big ways AI can be used to help institutions. Text reconciliation.

Reconciling data is not just about numbers and with older technology, mistakes can be made. Natural language processing means we’ll have less ‘fuzzy matching’ as Martinez calls it.

This is a major help for KYC and anti-money laundering, meaning a reduction in false sanctioning and quicker onboarding processes. “Now [the text] doesn’t have to match. There are phonetic searches, text searches, and we’re doing all of that as well.”

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Roque Martinez

Roque Martinez

Smartstream

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SmartStream

Smartstream
  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

     Read more
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