Calypso and 2021.AI team up to leverage AI in financial institutions

Calypso and 2021.AI team up to leverage AI in financial institutions
14.08.2019 01:03 pm

Calypso and 2021.AI team up to leverage AI in financial institutions

Artificial Intelligence , Trading Systems

Calypso Technology Inc. and 2021.AI are joining forces in a new partnership with the aim of optimizing back-office processes for Calypso’s global client base. Combining their distinctive competencies by delivering state-of-the-art AI models and with access to 2021.AI’s Grace AI platform, Calypso continues to offer the best solutions to their clients while remaining at the forefront of the latest technologies.

“Calypso’s goal is to remain at the forefront of the latest technologies so we can continue to offer clients the best solutions to optimize daily operations, deliver revenue growth and reduce costs. By partnering with 2021.AI, including leveraging both the 2021.AI Grace AI platform and the company's expertise in developing models, we have fast-tracked our entry into providing machine learning and AI. ”

— Raj Manghani, Global Head of Product Development, Calypso Technology

AI is a growing presence in the FinTech industry. Danish Enterprise AI company 2021.AI have been partnering with a number of well-known international brands to deliver AI technology designed to optimize costs, grow revenues, and minimize risk. Now the company is teaming up with Calypso Technologies, a true pioneer in innovative technology for the financial sector, and 2021.AI’s second US-based partner.

“That our new partner is based in Silicon Valley makes me extra proud,” says CEO and Founder of 2021.AI, Mikael Munck. “Coming from this cradle of technological innovation, Calypso is noted for its front-to-back solutions and quality products. Establishing our second US-based partnership and joining forces with innovative and global leaders like Calypso, is a testament to what we have achieved with our Grace AI platform and shows how AI can enhance the solutions and offerings of leading technology companies.”

TAKING AI MODELS INTO PRODUCTION FOR THE CAPITAL MARKETS

In addition to AI skills and expertise, companies need in-depth knowledge of financial processes and the capital markets to achieve real business value. This partnership enables both companies to combine their distinctive competencies to enhance Calypso’s market-leading solutions.

“Calypso’s goal is to remain at the forefront of the latest technologies so we can continue to offer clients the best solutions to optimize daily operations, deliver revenue growth and reduce costs. By partnering with 2021.AI, including leveraging both the 2021.AI Grace AI platform and the company's expertise in developing models, we have fast-tracked our entry into providing machine learning and AI.” Says Raj Manghani, Global Head of Product Development at Calypso Technology.

The first use case and model selected was: “Anticipate potential STP breaks/settlement failures” using AI. This provides failure probability to the securities back-office and was presented and well-received at the Calypso Client Conference in Paris in June this year.

“Everyone who has worked in a financial institution has experienced the pain of the process failing and holding up the end of the day (EOD) completion. Calypso has defined great new functionality that will make EOD back-office processing and reconciliation run faster and smoother, minimizing errors and saving valuable time for the people involved. We are thrilled to be working with a professional team of experts at Calypso to deliver new, AI-driven value for their global client base,” explains Christian Villumsen, Senior Advisor at 2021.AI.

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