Misys brings AI to its trade monitoring software
Misys is getting in on the artificial intelligence (AI) act, with the launch of Misys FusionCapital Detect – a component for its trading solution which uses machine learning to spot booking errors, anomalies and unusual activity.
The firm says FusionCapital Detect behaves as a personal assistant for trade validation teams, red flagging probable mistakes that are otherwise time consuming to identify. According to the firm, the component reduces operational risk and prevents manual mistakes.
Nadeem Syed, CEO at Misys, says this development is an “exciting first step into the AI world for us” and it has already seen “positive results with an [unnamed] early adopter global bank”.
Misys adds that being able to validate transactions at T+0 has become “crucial in today’s pressurised regulatory environment”, including under:
- The European Market Infrastructure Regulation (EMIR): which makes it necessary to identify errors as soon as possible in order to confirm trades within 24 to 48 hours;
- The Fundamental Review of the Trading Book (FRTB): which requires daily risk reports – unidentified trade errors will invalidate these reports, breaching compliance.
FusionCapital Detect is built on Misys’ FusionFabric technology and integrates with “all core trade capture and validations systems”.