FSS reveals Next Gen Machine Learning and Cloud upgrades for its Smart Recon Platform

Financial Software and Systems (FSS) said that it has now rolled out an upgraded version of its Smart Recon platform.

Krishnan Srinivasan, Global Chief Revenue Officer FSS, said, "FSS is a leader in the payment reconciliation space, with 25+ deployments globally. Our Smart Recon solution has been deployed by Tier One banks, neo banks, MNOs, and merchant aggregators. Across segments and markets, we see significant demand for modernization of back-office operations. Customers are increasingly pivoting away from in-house payment reconciliation systems with semi-automated processes towards service-based contracts backed by new-age technology platforms.”

Sathish N, Dy CPO, FSS, said, "Payment reconciliations have become exceedingly complex, and simplicity and speed is crucial for banks and financial institutions in the wake of an ever-increasing influx of transaction data. With our continuous innovation-led model and investment on right technology like Machine learning, AI and cloud computing, banks and financial institutions will benefit from flexible and scalable processes and improved speed and accuracy of reconciliation.”

Deployed by the payment and bank processors, Smart Recon provides a unified system to reconcile digital payments and incorporate data imports, enrichment, and transformation.

The updated solution has a machine learning-powered settlement process. It will improve accuracy, speed, and automate manually intensive processes. The enhancements to the general ledger tally will improve time to market. The cloud enablement will expand the efficiency and cost of the payment reconciliation process, notes the announcement.

The company has now witnessed significant demand for modernization of back-office operations across the markets and segments.