The US-based Option Clearing Corporation (OCC), the world’s largest equity derivatives clearing organisation, has rolled out genAI from Amazon Web Services (AWS) to boost its internal development processes and enhance operational efficiency.

The company said it has already used the technology in code testing which has reduced the time spent on software test documentation by up to 80 per cent, saving individuals and teams hours of highly manual work.

The integration also simplified the code verification and updating process, helping developers identify potential issues more quickly and implement solutions more efficiently.

OCC added that it intends to expand the use of genAI across all of its development operations, including requirements coverage verification and security reviews.

"As the sole central counterparty for US listed options, OCC continuously seeks to enhance our operational efficiency to deliver cost-effective clearing and settlement to our clearing members,” said Andrej Bolkovic, chief executive, OCC.

He added that genAI technology could help the company explore how to improve operational excellence through “prudent and thoughtful innovation”.

Founded in 1973, OCC has over 100 clearing members and provides clearing and settlement services as a central counterparty (CCP) to 20 stock exchanges and trading platforms.

Financial institutions are increasingly implementing genAI to boost internal operations across various areas.

In November, BNP Paribas rolled out a genAI assistant to improve the accuracy and speed of its ESG assessment process.

The technology, which is the result of internal development using OpenAI’s ChatGPT 4 or mini model via Azure API, has been used by 600 users since its launch, helping them complete nearly 1,600 ESG assessments.

ESG assessment is a tool used by the bank’s relationship managers (RMs) to evaluate the ESG performance and risks of its clients.

Earlier this month, Lloyds Bank’s group head of AI has said that the organisation is on track to meet its target of delivering £50 million worth of incremental value through 50 genAI use cases this year.

Speaking at FTT Festival in London earlier this month, Rohit Dhawan said that the bank’s AI journey has been more focused on innovation rather than fully advanced models in production, with Lloyds tracking the “total number of AI advances.”

The comments came days after Lloyds announced it is piloting a multi‑feature, AI‑powered financial assistant within its mobile app, positioning the tool as a 24/7 “financial companion” that offers personalised coaching, spending insights and guidance on savings and investments.

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