The latest version of SmartStream Air will leverage AI-enabled technology and exception management capabilities, helping users manage their cash balances instantly.

If cash balances or positions are not managed correctly, they eventually lead to errors, financial losses and possibly regulatory penalties.

Jethro MacDonald, head of Product Management – AI and Machine Learning at SmartStream, commented: “To ensure we had the right upgrade, we hired a team of UX researchers to make sure we are delivering what the market is currently demanding.

“Having tested it with a few clients, the results have shown that the solution empowers them to be confident in their decision-making, in addition to providing an end-to-end solution, with a quick implementation time”, MacDonald added. “This enhanced version is a powerful addition to our SmartStream Air solution – providing AI-enabled technology in the cloud.”

SmartStream provides financial transaction management solutions with over 2,000 clients, including 100 banks. In December 2022, Roland Brandli, the company’s strategic product manager, told EPI the number of payment providers and infrastructures would continue to increase exponentially.

The situation, Brandli argues, is such that businesses need to invest more in automation to mend inefficient processes, which in 2022 have led to around two million failed transactions daily across the globe.