Swift and Google Cloud partner
11 December 2024
Image: stock.adobe.com/PhotoGranary
Google Cloud and the Society of Worldwide Interbank Financial Telecommunication (Swift) have partnered to build an AI-powered fraud detection capability.
The new tool aims to support the financial industry in tackling sophisticated financial crime and help prevent cross-border payments fraud.
The partnership will be supported by Rhino Health to enhance security by delivering a federated learning platform, a privacy-preserving technique that allows financial institutions to collaboratively train AI models without sharing sensitive data.
Capgemini will also manage the implementation and integration of the solution.
Rachel Levi, head of artificial intelligence at Swift, says: “This exploration will help the community validate whether federated learning technology can help financial institutions stay one step ahead of bad actors through sharing of fraud labels, and in turn enabling them to provide an enhanced cross-border payments experience to their customers.”
Andrea Gallego, managing director, global GTM incubation at Google Cloud, adds: “By enabling secure collaboration and knowledge sharing without compromising data privacy, we are fostering a safer and more resilient financial ecosystem for everyone.”
The new tool aims to support the financial industry in tackling sophisticated financial crime and help prevent cross-border payments fraud.
The partnership will be supported by Rhino Health to enhance security by delivering a federated learning platform, a privacy-preserving technique that allows financial institutions to collaboratively train AI models without sharing sensitive data.
Capgemini will also manage the implementation and integration of the solution.
Rachel Levi, head of artificial intelligence at Swift, says: “This exploration will help the community validate whether federated learning technology can help financial institutions stay one step ahead of bad actors through sharing of fraud labels, and in turn enabling them to provide an enhanced cross-border payments experience to their customers.”
Andrea Gallego, managing director, global GTM incubation at Google Cloud, adds: “By enabling secure collaboration and knowledge sharing without compromising data privacy, we are fostering a safer and more resilient financial ecosystem for everyone.”
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