AI-Powered FX Model and Anti-Deepfake Technology Bolster Cross-Border Transactions for Ant International
Ant International, a Singapore-based global leader in digital payments and financial technology, has intensified its use of Artificial Intelligence (AI) to enhance and secure millions of daily cross-border transactions for merchants in over 200 global markets. By integrating advanced AI models, the company aims to improve the reliability and security of international trade, especially for small and medium-sized enterprises (SMEs) that have traditionally struggled to access real-time global settlement services.
“Our commitment to integrating AI into cross-border transaction processing is vital for strengthening global trade and supporting SMEs who previously couldn’t afford real-time settlement solutions,” said Yang Peng, Chief Executive Officer of Ant International. “In addition to improving operational efficiency, AI is also essential for enhanced fraud detection, helping protect merchants from sophisticated scams like deepfakes.”
AI-Driven FX Model for Predicting Currency Rates and Reducing Costs
One of Ant International’s latest innovations is an AI-powered foreign exchange (FX) model capable of predicting currency exchange rates not just daily or weekly, but on an hourly basis. This highly sophisticated model, developed over several years, supports both inbound and outbound transactions, allowing merchants to manage currency fluctuations and reduce transaction costs, freeing up more resources for business growth.
The AI model’s advanced capabilities allow it to replace hundreds of separate FX prediction models with a unified, more accurate system. However, Ant International recognizes the importance of oversight. “We have safeguards in place to allow human intervention if we detect inconsistencies between the new and previous models. This helps us maintain accuracy and avoid over-reliance on AI predictions,” Mr. Yang explained.
Anti-Deepfake Technology with Over 99% Detection Accuracy
In tandem with the FX model, Ant International has implemented cutting-edge anti-deepfake technology with a detection success rate exceeding 99%. This technology plays a crucial role in securing digital transactions by identifying and preventing fraud associated with deepfake scams, which have become increasingly sophisticated and difficult to detect. By enhancing fraud detection, Ant International is ensuring that AI solutions not only improve transaction efficiency but also bolster trust and security for merchants worldwide.
Through its pioneering AI initiatives, Ant International is setting new standards in the global digital payments space, reinforcing security and operational efficiency for cross-border transactions across its extensive network.
AI-powered e-KYC to combat deepfakes
Advancements in generative AI, particularly deepfake technologies, are posing significant security challenges for financial institutions, as these sophisticated forgeries are increasingly difficult for humans to detect. To counteract AI-assisted cyberattacks, Ant International has developed an anti-deepfake electronic Know Your Customer (e-KYC) tool over two years. This tool has an interception success rate exceeding 99%, according to Mr. Yang.
New partnerships during SFF
OCBC and Ant International signed a Memorandum of Understanding (MoU) on Tuesday to focus on achieving 24/7 real-time transactions between Singapore and Malaysia, via Ant International’s Whale platform using AI and innovations to improve the efficiency and transparency.
PayPay, Japan’s top QR payment operator, announced an expanded partnership with Alipay+, Ant International’s cross-border mobile payment and digitalization technology solution, broadening its merchant coverage network across Japan to provide foreign tourists their preferred payment services via domestic e-wallets.
About Ant International
Headquartered in Singapore, Ant International powers the future of global commerce with digital innovation for everyone and every business to thrive. In close collaboration with partners, we support merchants of all sizes worldwide to realise their growth aspirations through a comprehensive range of tech-driven digital payment and financial services solutions.
