AMSTERDAM — Deutsche Bank is one of multiple financial institutions sharing anonymized data with financial messaging service provider Swift.
The process will test the use of secure data-sharing for AI-driven fraud prevention, Joanne Hannaford, chief information officer and chief product officer of corporate bank at Deutsche Bank, said at Money2020 Europe on June 4.
Swift is looking to AI to fight fraud, but faces challenges in doing so — namely access to the datasets required and data quality, Hannaford said.
Banks, however, are providing quality data, she said.
Deutsche Bank, BNY Mellon, DNB, HSBC, Standard Bank and others are offering anonymized datasets to Swift to ensure data quality for Swift’s AI-driven pilot, according to a May 30 Swift release.
“Historically, would we have done that? Just given our data so that we can train AI more effectively?” Hannaford said.
With access to the banks’ anonymized data, “Swift has a unique ability to bring financial organizations together to harness the benefits of AI in the interests of the industry,” Tom Zschach, chief innovation officer at Swift, said in the release.
