Displaying items by tag: SMARTS

Technology first conceived to keep watch over the world's financial markets and spot rogue activity has been tweaked for the health sector - and is now being rolled out to make sure that health insurance claims and hospital funding requests are the real McCoy. Such systems could potentially save what's euphemistically referred to as 'leakage' - or fraud and error - running to hundreds of millions of dollars each year in Australia.

Whether it was just relief that the computers at the ASX had been booted up again after a four hour stoppage, or general enthusiasm for market conditions, the Australian share market surged when the trading platform was finally switched on again at 2pm.

PhD students are the secret weapon being deployed to push Australian developed software as the de facto international standard for financial markets surveillance.  The system is touted as having the capacity to quickly identify triggers causing market flash-crashes, hence restoring credibility to financial markets.

One of Australia's four big banks - believed to be the Commonwealth - will turn on a suite of software next Tuesday aimed at allowing continuous business improvement by providing real time analysis of the millions of events that affect the bank, which can then be used to tweak operations.

With just six months to go before it takes over the real time share market monitoring role from the Australian Stock Exchange, the Australian Securities and Investment Commission has selected locally developed technology to conduct market surveillance.