Misys has made a move to adopt Artificial Intelligence technology, with the launch of its new FusionCapital Detect.
The new trading platform software, which acts as a smart personal assistant, is designed to help financial institutions spot booking errors, anomalies and unusual activity, accelerating trade validations and reducing exception with the addition of machine learning.
FusionCapital Detect is able to flag probable mistakes that may be difficult to identify, whereby financial institution users are able to access errors that the existing tools on the market let through which reduces operational risk and also prevents manual mistakes that lead to decisions being made on the wrong profit and loss information and incorrect end-of-day reports.
Nadeem Syed, CEO, Misys said: “This is an exciting first step into the AI world us. We’ve been able to harness these capabilities to build a system which delivers more insight and control in a fast-paced trading environment and we have already seen positive results with an early adopter bank.
“This advanced technology boosts efficiency, saving costs, and can also be applied with longer term revenue growth in mind.”
Misys’ FusionCapital Detect component is built from vast quantities of structured data where consistent patterns of trading behaviour can be deduced and monitored.
Josephine de Chazournes, Senior Analyst, Celent said: “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.
“AI stands to be a strong catalyst in transforming the landscape and Misys is making a smart move with FusionCapital Detect.”
The need to validate transactions at T+0 has become crucial in the pressurised regulatory environment of today, including The European Market Infrastructure Regulation (EMIR) as it makes it necessary to identify errors as soon as possible in order to confirm trades between 24 to 48 hours.
Based on a mix of open source algorithms and proprietary developments, machine learning ensures continuous evolution of the tool to follow moving trading patterns.
Built on Misys FusionFabric technology, FusionCapital Detect is now available and is integrated with all core trade capture and validations systems.