Citi Group and Ant International are piloting artificial intelligence foreign exchange tools for clients to help reduce hedging costs.

Citigroup and the financial technology company Ant International, based in Singapore, announced on Friday that the two companies have launched a pilot program using artificial intelligence to help customers better manage foreign exchange risk. According to a joint statement, the project combines Citigroup's fixed rate solution with Ant International's Falcon Time-Series Transformer model, which is an AI forecasting tool that helps businesses reduce hedging costs. The two companies said that the pilot project was initially developed for aviation customers and has now been used by a large Asian airline for actual transactions, reducing the fixed foreign exchange hedging costs for its online ticket sales.