Responsible AI

Nevertheless, getting the organization’s 11,500 members to feel at ease with all this can’t have been easy. That’s why Swift previously announced an AI governance framework that emphasizes explainability, accuracy, and auditability, in compliance with ISO 42001, the NIST AI Risk Management Framework, and the EU AI Act.

“AI has great potential to significantly reduce fraud in the financial industry. That’s an incredibly exciting prospect, but one that will require strong collaboration,” commented Swift’s chief innovation officer, Tom Zschach.

“Swift has a unique ability to bring financial organizations together to harness the benefits of AI in the interests of the industry, and we’re excited by the potential of both of these pilots to help further strengthen the cross-border payments ecosystem,” he said.