Artificial Intelligence and Trintech
Due to the stringent controls that are applied during the reconciliation and financial close processes, AI and machine learning (ML) are the perfect answer to repetitive, manual tasks. Trintech has strategically implemented AI and ML into our solutions to help you make time count.
Key Opportunities for AI in the Financial Close
General Ledger Reconciliations
Retrieve bank statements from portals, reconcile to the ERP, and create entries for exceptions
Financial Reporting
Automate data extraction and aggregation, and identify exceptions for review
Journal Entry Processing
Check for complete and accurate information, prepare the JE automatically, and post to the ERP
Management Reporting
Retrieve ledgers, enrich with other sources, prepare initial variance report for analysis
Intercompany Accounting
Check and reconcile counterparty balances, create exception reports
Deciding on an AI Financial Automation Solution
The hype around AI is real, but it will take time for reality to catch up to over inflated expectations in enterprise applications. In the immediate future, company roadmaps depend on infrastructure availability, complexity and cost, and innovation as the sector matures.
When choosing solutions with AI in mind, finance and accounting teams need to do their research and commit to software and tools that have a clear AI roadmap in place. With so many companies talking about AI, it’s important to pay close attention to which vendors are developing true AI solutions and which are merely playing into hype cycles while delivering AI roadmaps that are superficial or incomplete.
Trintech’s CoPilot Gen AI
Watch our Gen AI assistant, CoPilot, in action for Journal Entry capability.
Trintech’s AI Roadmap
Trintech envisions leveraging AI, including Large Language Models (LLMs), to:
Enhance customer dialogue, requirements collection, and analysis
With over two decades of expertise stored in our databases and knowledge repositories, we’re well-equipped to train LLMs specifically for financial close processes.
Streamline workflows, eliminate redundancies, and optimize processes from start to finish
By implementing AI driven workflow enhancements, Trintech aims to enhance productivity and efficiency throughout the financial close process.
Enable natural language interaction with systems instead of relying on token-based searches
This advancement will empower users to extract insights and make data-driven decisions more intuitively and efficiently.
By leveraging cutting-edge technologies such as GenAI, AI, and ML, we plan on not only streamlining financial close processes but also paving the way for strategic growth and innovation in finance and accounting departments worldwide. Our vision extends beyond traditional reconciliation automation; we are charting a course towards a future where AI-driven insights drive financial strategy, enabling organizations to achieve new levels of efficiency and effectiveness.”
Trintech is committed to leveraging AI as a fundamentally altering technology to drive increased ROI, productivity, and efficiency across the entire financial close process, from beginning to end. We are developing:
