Swift, the global financial messaging network, is launching a new AI-powered service to help banks fight financial crime.
The service, which will be available in January 2025, uses artificial intelligence to analyze pseudonymized data from billions of transactions and flag suspicious activity in real-time.
This new feature is built on quickly‘s existing payment management service was developed in collaboration with banks around the world.
This is part of a broader collaboration between Swift and our global community of more than 11,500 banks and financial institutions.
It was successfully piloted at institutions in Europe, North America, Asia and the Middle East earlier this year.
SWIFT aims to combat the increasing sophistication of financial crime and the rising cost of fraud, estimated at US$485 billion worldwide by 2023.
The initiative is part of Swift’s broader efforts to use AI to improve the security of cross-border payments.
Swift is also testing fraud detection use cases in sandbox environments.
Additionally, Swift is exploring the use of federated learning, a privacy-preserving AI technology, to enable banks to securely share information and collaborate to improve fraud detection models.
Jerome Piens, chief product officer at Swift, said:
“Criminals are using increasingly sophisticated tactics to carry out financial crimes, and the global financial industry must strengthen its defenses to ensure customers can continue to trade around the world with confidence.
Swift has a long track record of supporting our community by going the extra mile to maintain the security and resiliency that is the hallmark of our network. And now we’re doing it again using the latest technology. ”
Featured image credit: Edited from freepic
