Modern Treasury Introduces AI Reconciliation Suggestions Tool

Modern Treasury, a payment operations platform, has announced its new AI Reconciliation Suggestions tool at the Money 20/20 event in Las Vegas. This tool is expected to boost the efficiency of reconciliation and speed up cash reconciliation for customers.

AI Enhancing Reconciliation

The new tool employs AI to handle specific use cases, particularly those involving large data sets that machines can process quicker than humans. This could significantly increase the speed and efficiency of Modern Treasury’s financial teams, potentially enabling them to achieve 100% same-day cash reconciliation while maintaining necessary human oversight.

AI + Human Approach

Reconciliation Suggestions works by having an AI algorithm make suggestions in ambiguous cases where the core Modern Treasury reconciliation engine, which is deterministic, cannot proceed due to lack of 100% certainty. In such instances, the AI narrows down reconciliation choices for human review and decision-making. This combination of AI and human interaction aims to reduce the time spent on reconciliation, especially when operating on a large scale.

Importance of Accurate Cash Reconciliation

“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,” said Sam Aarons, CTO and co-founder of Modern Treasury. He emphasized that the introduction of any technology to their platform must maintain or improve existing standards.

Ensuring Safe Use of AI

As money movement becomes increasingly real-time and automated, AI is expected to play a pivotal role. Yet, it’s crucial that this technology comes with appropriate safeguards, including flawless data and, in many instances, human oversight.