Swift Launches AI Fraud Defense for Cross-Border Payments
Hey Payment 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.
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GOLDEN NUGGET
𝐓𝐡𝐞 𝐄𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐨𝐟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 2025.
The dawn of 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐚𝐥𝐥𝐞𝐭𝐬 & 𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬👇
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.
𝐖𝐡𝐚𝐭’𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐜𝐡𝐚𝐧𝐠𝐞?
𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐃𝐞𝐦𝐚𝐧𝐝: 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
𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧: 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.
𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐁𝐫𝐞𝐚𝐤𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐬: The rise of APIs, AI-driven fraud detection, and cloud-based infrastructure is enabling faster and more secure transactions.
𝐖𝐡𝐢𝐜𝐡 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐞𝐭𝐡𝐨𝐝𝐬 𝐚𝐫𝐞 𝐬𝐞𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞?
𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐚𝐥𝐥𝐞𝐭𝐬: ApplePay, Google Pay and others… for contactless payments in-store and online
𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬: Real-time Payments (RTP) using account-to-account (A2A) transfers is becoming a go-to method for retail, P2P, and business payments.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐏𝐚𝐲 𝐋𝐚𝐭𝐞𝐫 (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.
𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 & 𝐂𝐁𝐃𝐂𝐬: Early stages, digital currencies are gaining traction, with several central banks piloting CBDCs for domestic and cross-border transactions.
𝐖𝐞𝐫𝐨 — 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
𝐖𝐡𝐚𝐭’𝐬 𝐍𝐞𝐱𝐭 𝐢𝐧 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬?
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.
Source: Capgemini
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