Citigroup (C), HSBC (HSBC) and Standard Chartered adopted Ant International's upgraded AI model for foreign exchange applications as banks increasingly use specialized AI to manage liquidity risks, Reuters reported Thursday.
Ant International launched its Falcon Time-Series Transformer Model 2.0 and has partnered with six major banks, including Deutsche Bank (DB) and Barclays (BCS), according to the report.
The model is designed for financial applications and can help reduce foreign exchange hedging and allocation costs by more than 60% through more precise forecasting, Reuters added.
Citigroup, HSBC, Standard Chartered, Deutsche Bank, Barclays and Ant International did not immediately respond to requests for comment from MT Newswires.
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