Misys using AI to detect booking oddities

Banking services software provider Misys‘ latest product uses Artificial Intelligence to detect anomalies in booing and related activities.

FusionCapital Detect assists validation teams by identifying probable mistakes that are cumbersome to find via other methods, thereby lessening the chance decisions are informed by erroneous data.

“This is an exciting first step into the AI world for us,” Misys CEO Nadeem Syed said. “We’ve been able to harness these capabilities to build a system which delivers more insight and control in a fast-paced trading environment… This advanced technology boosts efficiency, saving costs, and can also be applied with longer term revenue growth in mind.”

Improved validation capability is increasingly important as companies contend with the EuropeanMarket Infrastructure Regulation and the Fundamental Review of the Trading Book, which requires daily reports that can be invalidated by data mistakes.

“Manual intervention and pre-coded controls have gone some way to helping reduce errors in the trade processing sphere but neither do enough to reduce the burden, especially as regulatory demands continue to add pressure in capital markets,” Celent senior analyst Joséphine de Chazournes said. “AI stands to be a strong catalyst in transforming the landscape and Misys is making a smart move with FusionCapital Detect.”

FusionCapital Direct detects and monitors trading behavior by detecting reliable patterns in large structured data sets. Machine learning allows it to evolve.

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