MUMBAI: Belgium-based Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot in partnership with Axis Bank to help combat payment fraud occurring in cross-border payments. Along with global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, the duo will test the use of secure data collaboration and federated learning technologies.The pilot is expected to leverage a secure infrastructure that will enable financial institutions to exchange relevant information with strong privacy-preserving controls, according to the two partners. SWIFT’s AI anomaly detection model will then be able to gather insights and identify potential fraud patterns from a much richer dataset, they said.”For the purpose of fraud control, this pilot looks at how we can incorporate newer technologies like artificial intelligence into the algorithms that we have,” said Neeraj Gambhir, group executive, treasury, markets and wholesale banking products, Axis Bank.