Belgium-based SWIFT, a global leader in financial transactions, is teaming up with Axis Bank to launch an AI-driven pilot program aimed at tackling payment fraud in cross-border transactions. The initiative will involve other major banks like BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo, and Standard Bank.
The pilot will use secure data collaboration and federated learning technologies to help banks share relevant information while maintaining strong privacy controls. SWIFT’s AI model will analyze this data to detect and identify potential fraud patterns more effectively.
Neeraj Gambhir, Group Executive at Axis Bank, said the pilot will explore how new technologies like AI can be incorporated into existing fraud detection algorithms.
