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Modern Treasury Enhances Reconciliation Engine with AI to Increase Speed and Efficiency of Cash Reconciliation

This AI plus human approach reduces the time spent on reconciliation, especially when operating at scale.

Modern Treasury, a payments operating system, revealed today, has debuted new AI Reconciliation Suggestions tool it says will enhance reconciliation, increasing the efficiency of its platform and speed of cash reconciliation for customers. 

Deploying AI for specific use cases, especially those that involve massive data sets that machines are better equipped to parse than humans, will help Modern Treasury customers and their finance teams improve speed and efficiency to achieve business outcomes such as 100% same-day cash reconciliation while maintaining the necessary human oversight.

With Reconciliation Suggestions, an AI algorithm makes suggestions in ambiguous cases when the core Modern Treasury reconciliation engine, which is entirely deterministic, can’t proceed because it can’t achieve 100% certainty. In these cases, the AI narrows down reconciliation choices for a human to review and make. This AI plus human approach reduces the time spent on reconciliation, especially when operating at scale.

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“Fast, accurate cash reconciliation is the foundation of all financial reporting and business insight. At its core, reconciliation is a math problem very well suited to AI. We built AI into a workflow humans oversee because we’re reconciling billions of dollars, where matches have to be 100% accurate,” said Sam Aarons, CTO and co-founder of Modern Treasury. “We only introduce technology to our platform that retains or improves those standards. Appropriate guardrails are always important when using AI, but are must-haves for financial data and money movement.”

Modern Treasury’s payment operations platform and best-in-class developer tools enable faster payments, effective workflows, full data visibility, and seamless bank integrations. As money movement becomes more real-time and automated, AI will play a role, but the technology will require appropriate guardrails, including impeccable data and, in many cases, human oversight, at least for the foreseeable future.

For more insights at Money20/20, visit Modern Treasury at booth 10003 or catch the Modern Treasury team speaking on the following panels:

Oct. 23: Can Compliance be a Competitive Advantage? with Nick Farrow, Head of Bank Partnerships

Oct. 23: Emerging Payments: Science Fiction or Tomorrow’s Expectation? with Ani Narayan, Product 

Oct. 24: Building for Developers 2023: AI and Beyond, with Dimitri Dadiomov, co-founder and CEO

Oct. 24: Future Bets: Payments in online gaming in ten years, with Molly Fischer, Head of Enterprise Sales