Modern Treasury, the operating system for the new era of payments, revealed today, at Money 20/20 in Las Vegas, how its new AI Reconciliation Suggestions tool 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.
“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.