Citigroup (C) and Ant International said Thursday that they are piloting Ant International's artificial intelligence-backed Falcon Time-Series Transformer model and combining it with Citi's Fixed FX Rates solutions to deliver a new foreign exchange risk management service.

According to the companies, the combined solution is intended to help aviation clients improve the accuracy of their cash flow and FX exposure forecasts, and reduce hedging and overall FX costs.

Citi said it has used the Falcon TST model and Fixed FX Rates combination to complete FX transactions for an airline in Asia, reducing FX hedging costs for the client in initial live transactions.