Swift Launches AI Fraud Defense for Cross-Border Payments

Hey Payments Fanatic!

Swift is stepping up the game in fraud prevention with its latest AI-enhanced fraud detection service, set to launch in January 2025. After a successful pilot, this new feature promises real-time detection of suspicious transactions by analyzing billions of data points across Swift's vast network.

“Bad actors are using increasingly sophisticated tactics to commit financial crime," notes Jerome Piens , Swift's Chief Product Officer. "The global financial industry needs to raise its defenses higher to ensure customers can continue to transact globally with confidence."

As part of Swift’s strategic initiative to fortify transaction security and streamline cross-border payments, the rollout draws on insights from collaborations with over 11,500 financial institutions worldwide. This collective effort includes industry leaders like BNP Paribas and Standard Bank Group, both recognizing the impact of AI in safeguarding their clients' assets.

With global fraud costing the financial services sector an estimated $485 billion last year, Swift’s innovative approach aims to bolster the industry’s defenses. This enhanced service marks a significant step in Swift's mission to make international transactions not only faster but also more secure and trustworthy.

More updates on the payments industry to follow!

Cheers,

Marcel

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INSIGHTS

Cost comparison: Pay-by-bank ?? popular payment methods .

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GOLDEN NUGGET

?????? ?????????????????? ???? ???????????? ???????????????? ???? 2025.

The dawn of ?????????????? ?????????????? & ?????????????? ??????????????????

The global payments industry is continuing to undergo a significant shift from traditional methods like cash and checks to digital transactions. By 2025, digital transactions will dominate the landscape reaching 2.8B+ transactions.

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???????????????? ????????????: consumers are seeking faster, more convenient ways to pay, both online and in-store. This has fueled the rise of:

?? digital wallets

?? mobile-based payments

?? instant transfers

???????????????????? ????????????????????: Governments worldwide are backing initiatives like open finance and instant payment. This is helping break down the silos between banks, fintechs, and other financial players, creating a more integrated, user-centric financial environment.

?????????????????????????? ??????????????????????????: The rise of APIs, AI-driven fraud detection, and cloud-based infrastructure is enabling faster and more secure transactions.

?????????? ?????????????? ?????????????? ?????? ?????? ???? ?????????????????

?????????????? ??????????????: ApplePay, Google Pay and others… for contactless payments in-store and online

?????????????? ????????????????: Real-time Payments (RTP) using account-to-account (A2A) transfers is becoming a go-to method for retail, P2P, and business payments.

?????? ?????? ?????? ?????????? (BNPL): Especially for e-commerce and retail purchases, allowing consumers to pay in installments.

QR Code Payments: Particularly in Asia and Latin America for small value purchases.

???????????????????????????? & ??????????: Early stages, digital currencies are gaining traction, with several central banks piloting CBDCs for domestic and cross-border transactions.

???????? — Europe’s New Digital Wallet for Instant Payments

At the forefront of this transformation in Europe is Wero, the digital wallet developed by the European Payments Initiative (EPI) to unify payments across Europe.

Instant, cross-border money transfers: Send & receive money in seconds using just phone numbers, QR codes, or email addresses

Lower fees for merchants

Security and innovation: Fraud detection & Authentication ins included in the technology

Future growth: By 2025, Wero plans to support in-store payments, BNPL, & loyalty programs

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Adopt multi-rail payment strategies

Leverage open finance frameworks

Innovate with Instant Payment Solutions

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The future of payments is clear: speed, security, and convenience are the new standard. Those who adapt to these changes will thrive in a digitally-driven financial world.

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