Responsible AI
Still, getting the organization’s 11,500 members to feel comfortable with all of this was not going to be easy. That’s why Swift previously announced an AI management framework that emphasizes clarity, accuracy, and readability, in line 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 executive officer, Tom Zschach.
“Swift has a unique ability to bring financial institutions together to leverage the benefits of AI in the best interests of the industry, and we are excited about the potential of both of these pilots to help further strengthen the cross-border payment system,” he said. said.
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