Swift has announced the launch of two artificial intelligence (AI) pilot programs in collaboration with major global banks to enhance fraud detection in cross-border payments. The initiative aims to leverage AI technology to save the industry billions in fraud-related costs and improve the efficiency of the cross-border payments ecosystem.
The first pilot will focus on enhancing Swift's existing payment controls service, which helps financial institutions identify potential fraud by detecting anomalies in payment patterns. By incorporating an AI model, Swift aims to create a more accurate system for identifying fraudulent activity based on historical data from the Swift network. The pilot will include Payment Controls customers optimizing the AI-powered service using their own live traffic data to ensure real-world applicability.
In a separate action, Swift brought together ten leading financial institutions, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, to explore the use of advanced AI technology to analyze anonymously shared data from various sources.
Swift and Global Banks launch AI pilots to tackle fraud in cross-border payments https://t.co/PkEygrzOIQ pic.twitter.com/IuaJLKnPfd
— Latest news from Business Wire (@NewsFromBW) May 30, 2024
The goal is to strengthen the global financial ecosystem by enabling secure data collaboration and unified learning technologies. This approach will allow financial institutions exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term relevant information while maintaining strong privacy controls, enabling Swift's AI-driven anomaly detection model to identify potential fraud patterns from a more comprehensive data set.
“AI has great potential to significantly reduce fraud in the financial industry,” said Tom Zschach, Chief Innovation Officer at SWIFT. “This is a very exciting prospect, but it will require strong collaboration.”
Fraud cost the financial industry an estimated $485 billion in 2023 alone, and AI is seen as a powerful tool to reduce these costs.
“Successfully combating fraud will require industry collaboration, teamwork, and strong leadership from operators like Swift,” said Isabelle Schmidt, CEO of the platform. Payments
Payments
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
Read this term Enablement at BNY Mellon Treasury Services said. “We are excited to help lead the first wave of innovation in this space and look forward to seeing more banks join the initiative.”
Artificial Intelligence has proven to be a double-edged sword in financial markets. On the one hand, it helps regulators and companies fight fraud. On the other hand, it enables fraudsters to devise increasingly sophisticated schemes, including deepfakes impersonating well-known personalities to attract investments.
Latest developments in SWIFT
Swift, a cooperative that operates a widely used financial messaging service, has introduced white-label tracking services for cross-border payments to its member banks. The Belgium-based organization has also standardized its entire payment chain under the ISO 20022 standard.
In April, Veritran and Swift announced a collaboration to enhance cross-border payments for financial institutions and their customers. This partnership, facilitated by Veritran's participation in the Swift Partner Program, aims to improve the experience of users conducting international transactions.
Additionally, Swift and Wise have formed a partnership to expand cross-border payment options for financial institutions and their customers. This strategic alliance will enable secure payments sent via the Swift network to integrate seamlessly with Wise, ensuring end-to-end transparency throughout the process.
Swift has announced the launch of two artificial intelligence (AI) pilot programs in collaboration with major global banks to enhance fraud detection in cross-border payments. The initiative aims to leverage AI technology to save the industry billions in fraud-related costs and improve the efficiency of the cross-border payments ecosystem.
The first pilot will focus on enhancing Swift's existing payment controls service, which helps financial institutions identify potential fraud by detecting anomalies in payment patterns. By incorporating an AI model, Swift aims to create a more accurate system for identifying fraudulent activity based on historical data from the Swift network. The pilot will include Payment Controls customers optimizing the AI-powered service using their own live traffic data to ensure real-world applicability.
In a separate action, Swift brought together ten leading financial institutions, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, to explore the use of advanced AI technology to analyze anonymously shared data from various sources.
Swift and Global Banks launch AI pilots to tackle fraud in cross-border payments https://t.co/PkEygrzOIQ pic.twitter.com/IuaJLKnPfd
— Latest news from Business Wire (@NewsFromBW) May 30, 2024
The goal is to strengthen the global financial ecosystem by enabling secure data collaboration and unified learning technologies. This approach will allow financial institutions exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term Relevant information while maintaining strong privacy controls, enabling Swift's AI-driven anomaly detection model to identify potential fraud patterns from a more comprehensive data set.
“AI has great potential to significantly reduce fraud in the financial industry,” said Tom Zschach, Chief Innovation Officer at SWIFT. “This is a very exciting prospect, but it will require strong collaboration.”
Fraud cost the financial industry an estimated $485 billion in 2023 alone, and AI is seen as a powerful tool to reduce these costs.
“Successfully combating fraud will require industry collaboration, teamwork, and strong leadership from operators like Swift,” said Isabelle Schmidt, CEO of the platform. Payments
Payments
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
Read this term Enablement at BNY Mellon Treasury Services said. “We are excited to help lead the first wave of innovation in this space and look forward to seeing more banks join the initiative.”
Artificial Intelligence has proven to be a double-edged sword in financial markets. On the one hand, it helps regulators and companies fight fraud. On the other hand, it enables fraudsters to devise increasingly sophisticated schemes, including deepfakes impersonating well-known personalities to attract investments.
Latest developments in SWIFT
Swift, a cooperative that operates a widely used financial messaging service, has introduced white-label tracking services for cross-border payments to its member banks. The Belgium-based organization has also standardized its entire payment chain under the ISO 20022 standard.
In April, Veritran and Swift announced a collaboration to enhance cross-border payments for financial institutions and their customers. This partnership, facilitated by Veritran's participation in the Swift Partner Program, aims to improve the experience of users conducting international transactions.
Additionally, Swift and Wise have formed a partnership to expand cross-border payment options for financial institutions and their customers. This strategic alliance will enable secure payments sent via the Swift network to integrate seamlessly with Wise, ensuring end-to-end transparency throughout the process.