Standard Chartered and Ant International announced a new collaboration to introduce an AI-Powered Treasury and FX Management Solution that integrates Ant International’s Falcon Time-Series Transformer (TST) Model with Standard Chartered’s Aggregated Liquidity Engine (SCALE).
Standard Chartered and Ant International are active Pathfinder institutions in MAS’ financial sector PathFin.ai programme, and this collaboration is a leading example of how AI is augmenting Singapore’s financial sector services.
Expanding on a long-standing partnership in blockchain innovations, the collaboration aims to lower FX costs and enhance risk management for Ant International and its clients. This integration of the two platforms enables seamless data exchange that leads to AI-Powered FX forecasting in real time and 24/7.
Jointly developed with Ant International, the integrated solution is part of Standard Chartered’s FX Automation Programme, which is designed to support the multi-currency booking and international vendor settlement needs in real time and 24/7. This helps businesses mitigate costs and FX volatility when transacting across borders.
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With the integration of Falcon TST and SCALE, Standard Chartered can forecast Ant International’s FX exposures with more than 90% accuracy, which in turn allows the bank to manage its FX risk more effectively and lower the client’s FX hedging cost, all in real-time and 24/7.
“We continue to invest in our platforms and adopt cutting edge technology to support our clients in effectively managing their risks and exposures, especially during these volatile times”, said Madhu Menon, Global Head of SC PrismFX Sales at Standard Chartered. “Our latest collaboration with Ant International sets the path for an innovative approach to managing and hedging FX risk and costs for Ant International and their clients globally. We are looking forward to further expand our collaboration with Ant International and continue to shape the future of Treasury Management.”
“The expansion of our partnership with Standard Chartered marks an important step in our ongoing journey to leverage technology, including AI, for next-generation cross-border payment solutions. By integrating Standard Chartered’s robust banking capabilities with Ant International’s innovative solutions, we are able to enhance the way businesses manage their global liquidity and FX strategy, so they can experience more efficient cross-border transactions,” said Kelvin Li, General Manager of Platform Tech at Ant International.
SOURCE: Businesswire