SWIFT Partners with Axis Bank to Launch AI Pilot to Tackle Payment Fraud

Current Context: SWIFT, the Belgium-based Society for Worldwide Interbank Financial Telecommunications, has recently announced an AI-driven pilot project in collaboration with Axis Bank.

• The goal of this initiative is to combat payment fraud in cross-border transactions. 
• Several global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo, and Standard Bank, are participating in this effort.
• By leveraging advanced AI technology, SWIFT aims to enhance fraud detection capabilities and save the industry billions in fraud-related costs.
• These pilots represent a significant step toward achieving the G20’s goal of increasing the speed of cross-border payments while ensuring security and trust in the financial ecosystem.

Question:

1 What is the primary goal of SWIFT’s recent AI-driven pilot project in collaboration with Axis Bank?

• A) To enhance customer service in banking
• B) To combat payment fraud in cross-border transactions
• C) To reduce transaction fees for international payments
• D) To streamline domestic banking operations

Answer: B) The goal of this initiative is to combat payment fraud in cross-border transactions. Several global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo, and Standard Bank, are participating in this effort.