Swift has unveiled a new AI-driven fraud detection service aimed at enhancing security measures in the global payments sector.

This service, scheduled for launch in January 2025, follows a pilot program that engaged multiple financial institutions across Europe, North America, Asia, and the Middle East.

This new fraud detection service builds on Swift’s existing payment controls service, widely used by smaller banks.

By utilizing pseudonymized data from billions of transactions in the Swift network, it seeks to identify and flag suspicious activities in real-time, enabling banks to quickly respond to potential fraud.

Swift has also partnered with various banks since February to investigate federated learning and privacy-enhancing technologies as a means to improve AI integration in finance.