London-based intelligent automation venture EvoluteIQ has teamed up with AntWorks, the AI and automation company, to create an automation solution for banks and financial services.
The two businesses’ solution will automate banks’ transitionary process from interbank operating rate rates to alternative overnight risk free rates like Sterling Over Night Index Average and Secured Overnight Financing Rate.
The news comes as the London Interbank Offered Rate (LIBOR) is due to end in 2021 in the wake of a major rate-rigging scandal. Since then, both British and American regulators have encouraged financial services businesses prepare for the expiration date.
Asheesh Mehra, co-founder and group CEO at AntWorks, said, “The IBOR transition roadmap 2018 outlined challenges facing banks in transitioning reference rates. Now AntWorks, alongside EvoluteIQ, are solving this challenge by offering an Integrated Automation Platform that modernises financial services from the ground up, driving intelligent automation with a data-first approach, enabling authentic straight-through processing to modernise reference rates.”
Deepak Kinger, chief strategy officer of EvoluteIQ, added: “The LIBOR transition solution combines Antworks’ Cognitive Machine Reading solution with EvoluteIQ’s e.IQ Platform to review, identify, report and initiate the repapering process using machine learning. This will help Banks accelerate the speed to compliance with significant reduction in time and costs across compliance, risk operations and technology.”
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