AntWorks, the global provider of artificial intelligence and intelligent automation solutions powered by fractal science, today announced a global partnership with EvoluteIQ, a London-based intelligent automation company, to automate banks’ transitionary process from Interbank Operating Rate (IBOR) Rates to alternative overnight Risk Free Rates (RFR) like Sterling Over Night Index Average (SONIA) and SOFR (Secured Overnight Financing Rate).
(L)IBOR is the current global standard in rates for global contracts, however companies will have to find alternative reference rates by 2021. EvoluteIQ will identify and highlight the exposure in legacy contracts in Master Agreements and Confirmations by using AntWorks’ intelligent automation platform to manage the unstructured data with its fractal learning technology. This will save huge amounts of time and resources for banks and financial companies.
Asheesh Mehra, AntWorks co-founder and group CEO, 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, said: “The (L)IBOR transition solution combines Antworks’ ANTstein platform 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.”