At Swift, with our ambition for instant and frictionless payments, we're always looking for innovative ways to help shape the future of cross-border payments.
Last year, we took a significant step towards those ambitions by establishing the Anomaly Detection Enhancements Working Group. The Working Group is a collaborative effort where we, in concert with our community, are redefining the capabilities of anomaly detection in the payment experience.
Our focus is on launching capabilities that address the various scenarios that lead to payment anomalies. This includes granular data points and flexible capabilities, crafting ways to effectively integrate these capabilities into channels, focusing on our communities’ areas of highest priority, and ensuring they suit diverse payments businesses and jurisdictions.
While we’re in the early stages of the journey, we've received encouraging initial feedback from our Working Group members, endorsing our approach. And this is just the start!
We're committed to ensuring that these capabilities align with data privacy standards. We're also reaching out to other payment network providers to explore standardisation opportunities and registering these as ISO 20022 standards to foster interoperability.
Our members, which include BNY Mellon, Wells Fargo, Danske Bank, ANZ, and DNB, are all key in this journey. As a globally trusted cooperative, we're dedicated to ensuring that developments meet the evolving needs of our community and comply with the most stringent data privacy regulations too.
Looking ahead, we're looking beyond payments. We're excited to explore how these innovations can extend to securities and trade transactions, broadening the horizons of what we can achieve together, and pushing us towards our instant and frictionless vision.
Watch our Anomaly Detection Business Lead, Serge Ioanidis, talking about how AI can be used to fight fraud in financial services, and what Swift is doing to make it a reality. Stay tuned for more information on anomaly detection as we continue on this exciting journey together, making global financial transactions safer, faster, and more transparent for everyone.