| | AUGUST 20248Belgium-based Society for Worldwide Interbank Financial Telecommunications (SWIFT) has announced an AI-driven pilot project in collaboration with Axis Bank aimed at combating payment fraud in cross-border transactions. The initiative involves several global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo, and Standard Bank. Together, these institutions will test secure data collaboration and federated learning technologies to enhance fraud detection.The pilot will utilize a secure infrastructure allowing financial institutions to exchange pertinent information while maintaining strong privacy-preserving controls. SWIFT's AI anomaly detection model will analyze this enriched dataset to identify potential fraud patterns, providing deeper insights into fraudulent activities."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 for treasury, markets, and wholesale banking products at Axis Bank.The collaboration represents a significant step forward in the fight against payment fraud, leveraging cutting-edge technology to strengthen security measures across the banking industry. By integrating AI and secure data-sharing practices, SWIFT and its partners aim to create a robust defense against increasingly sophisticated fraud tactics, ensuring safer cross-border payments for financial institutions worldwide. Vaanam, a pioneering space tech accelerator, was inaugurated in Chennai, aimed at supporting and nurturing space startups in Tamil Nadu. The accelerator, which is the first of its kind in the private sector in India, will be mentored by Nambi Narayanan, the former scientist from the Indian Space Research Organisation (ISRO).Launched by entrepreneurs Hariharan Vedamurthy and Sameer Bharat Ram, Vaanam aims to bolster the space startup ecosystem with a focus on Tamil Nadu. The event was graced by Tamil Nadu's Industries Minister, TRB Raaja, and Nambi Narayanan. The state is positioning itself as a significant player in the space industry, with the upcoming establishment of India's second rocket launchpad in Thoothukudi district and a propellant park covering 2,000 acres in Kulasekarapattinam. The park, which will be developed at a cost of Rs 950 crore, is expected to attract space-related manufacturing and R&D firms.Minister Raaja emphasized the critical role of accelerators in helping startups secure funding and praised the state government's support for space technology. He noted that the central government is also backing these initiatives, which will help drive innovation in areas such as space junk capture and refueling.Nambi Narayanan highlighted the growing interest in space following the Chandrayaan missions and expressed concern that many startups are duplicating efforts already undertaken by ISRO decades ago. He advocated for increased government support and the establishment of institutions similar to those in the US, such as Cal Tech and Princeton, which are integral to NASA's programs. Narayanan also proposed the creation of an Asian Space Agency to support space programs and enhance trade relations among Asian countries. SWIFT, AXIS BANK LAUNCH AI PILOT TO TACKLE PAYMENT FRAUDTAMIL NADU LAUNCHES SPACE TECHNOLOGY ACCELERATOR TO BOOST STARTUP ECOSYSTEMIN FOCUSIN FOCUS
< Page 7 | Page 9 >