Bank-to-bank Payment network Swift is working with Google Cloud to develop multi-jurisdictional anti-fraud technologies that use advanced AI and federated learning
In the first half of 2025, Swift plans to roll out a sandbox with synthetic data to prototype learning from historic payments fraud, working with 12 global financial institutions, with Google Cloud as a strategic partner. This initiative builds on Swift’s existing Payment Controls Service (PCS), and follows a successful pilot with financial institutions across Europe, North America, Asia and the Middle East.
Google Cloud is collaborating with Swift — along with technology partners including Rhino Health and Capgemini — to develop a secure, privacy-preserving system for financial institutions to combat fraud. The approach uses federated learning techniques, combined with privacy-enhancing technologies (PETs), to drive data sharing across institutions without compromising proprietary data.
Rhino Health will develop and deliver the core federated learning platform, and Capgemini will manage the implementation and integration of the system.
Rachel Levi, head of artificial intelligence, Swift, says: “Swift is in a unique position in the financial industry - a trusted and cooperative network that is integral to the functioning of the global economy. As such, we are ideally placed to lead collaborative, industry-wide efforts to fight fraud.
"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."
She says federated learning offers a powerful solution for collaborative AI model training without compromising privacy and confidentiality. Instead of requiring financial institutions to pool their sensitive data, the model training occurs within financial institutions on decentralized data.
Only the learnings from this training — not the data itself — are transmitted back to a central server for aggregation, managed by Swift.
Andrea Gallego, managing director, global GTM incubation, Google Cloud, says: “Our collaboration with Swift exemplifies the transformative potential of federated learning and confidential computing. By enabling secure collaboration and knowledge sharing without compromising data privacy, we are fostering a safer and more resilient financial ecosystem for everyone.”