TMCnet News
FatBrain Launches Angelina FX Service to Make Foreign Exchange Pricing More TransparentAngelina empowers businesses to quickly and easily unlock foreign exchange savings through actionable intelligence and expert coaching NEW YORK , May 18, 2022 /PRNewswire/ -- FatBrain AI (LZG International, Inc.; OTC: LZGI), the pioneer in powerful, easy-to-use artificial intelligence (AI) solutions for entrepreneurs and mid-market businesses, today announced the launch of Angelina (https://monex.fatbrainfx.com/). The free online app allows businesses engaging in global trade and international payments to instantly identify and unlock foreign exchange (FX) savings. FatBrain Launches Angelina FX Service to Make Foreign Exchange Pricing More Transparent FX is artificially and unnecessarily expensive for small to mid-sized businesses. According to an International Monetary Fund report, banks charge up to 25 times more in transaction costs than market FX rates, impacting the bottom lines of roughly 90% of businesses that engage in global commerce or deal in international payments. Much of this FX price discrimination is hidden, buried in opaque bank statements. Not anymore. Angelina is the first and only AI-powered FX service tackling discriminatory pricing in the $6.6 trillion-dollar daily foreign exchange market. In minutes, any business worldwide – including the millions using QuickBooks can obtain a free FX Fair Value Report, which automatically provides: (i) Personalized analysis of transactions to identify FX cycles and savings opportunities; (ii) Peer comparison and key recommendations to mnimize FX risk; and (iii) Coached, actionable intelligence for immediate and future cost savings and business performance improvements. "With Angelina, any business impacted by global trade and international payments can unlock FX savings to boost its bottom line," said Peter B. Ritz, FatBrain's co-founder and CEO. "In keeping with FatBrain's mission, Angelina maximizes transparency and minimizes price discrimination in the multi trillion-dollar daily FX market, which is especially unfair to startups and small to mid-sized enterprises (SMEs) – the same businesses that drive the global economy and create more than 50% of jobs worldwide." Most businesses, particularly those without dedicated currency departments or on-staff FX experts, don't know they pay up to 25 times more in transaction costs when using banks to fund FX payables. Moreover, many businesses are unable to align their payable cycles to periodic currency fluctuations, making it difficult to anticipate favorable and unfavorable timing for payments or orders. Banks take advantage of this information gap and use expensive exchange rates for roughly 90% of customers. Angelina cuts through discriminatory pricing by offering a fair market FX alternative for any business worldwide through a user-friendly automated service supported by expert FX coaching. Angelina is offered by FatBrain in partnership with Monex USA, one of the world's largest currency providers with a team of over 2,000 FX experts. "Monex is a worldwide FX leader, enabling tens of thousands of businesses, including many in the Fortune 500, to book fair value and receive award-winning expertise," said Juan Pablo "JP" Carriedo, CEO, Monex USA and global lead digital transformation, Monex S.A.B. (BMV: MX). "We're excited to be working with FatBrain to use AI technologies to bring more fairness and transparency to the market." FatBrain AI Outcomes™ decision engine – the technology underpinning Angelina – has already been proven at the biggest companies and highest levels of academia. The advanced math and FX modeling is led by Dr. Rajarshi Das, FatBrain's chief science officer (CSO) and former AI/ML lead at IBM Research, the Los Alamos National Lab and the Sante Fe Institute, and Dr. Wei Ouyang, FatBrain's managing director and GM for FX, AML and valuations, former managing director, global risk analytics and valuation for Bank of America, Deutsche Bank and Barclays. "The first generation of AI addressed the needs of the largest enterprises and government agencies. The second generation – AI 2.0 – being pioneered by FatBrain uses advances in peer dynamics technology to automatically learn patterns from user behavior, allowing us to deliver coached, personalized AI solutions at hyperscale," said Dr. Das. "We can now truly level the playing field for smaller companies engaging in international commerce." "I experienced the power of FatBrain AI solutions firsthand on several complex problems while leading a 40-strong quant team at Bank of America," said Dr. Ouyang. "This transformative technology is now available to SMEs that stand to gain real cost savings and significantly better business outcomes." About FatBrain AI (LZG International, Inc.): For more information, please visit: https://www.fatbrain.ai About Monex USA For more information, please visit: https://www.monexusa.com Contact for Monex USA:
SOURCE FatBrain 
|
View original content: