Citigroup and the Singapore-based fintech firm Ant International have teamed up to launch a new pilot program that uses artificial intelligence to help their clients better handle the risks of fluctuating currency values. The program combines two pieces of technology.
It uses Citi’s widely used Fixed FX Rates solution and merges it with Ant International’s AI forecasting tool, called the Falcon Time-Series Transformer. In simple terms, the AI helps predict currency changes so businesses can lock in exchange rates more cheaply, reducing what they spend on financial protection, or hedging.
The program, first developed for airlines, is already showing impressive results. The companies said a major Asian airline used the tool for live transactions and managed to cut its hedging costs for online ticket sales by a remarkable 30%.
This success demonstrates the real-world savings that AI can provide. Kelvin Li from Ant International said they are “excited to expand the solution with Citi to serve more businesses and industries.” Ant International is an affiliate of the Chinese tech giant Ant Group, founded by billionaire Jack Ma.
This launch is part of a broader trend across the banking industry. Major banks are increasingly using AI for specific, targeted tasks. Morgan Stanley has a chatbot to help its financial advisors, and Bank of America has its virtual assistant, Erica, to help everyday customers with their transactions. This partnership shows how AI is moving beyond simple chatbots and becoming a powerful tool for complex financial operations.
