FSS Becomes First Payments Company in Asia Pacific to Secure ISO/IEC 42001 Certification

FSS Achieves Historic AI Governance Certification

Financial Software and Systems (FSS), a global leader in payment solutions, has recently gained recognition as the first payments company across India, the Middle East, Asia Pacific, and South Africa to achieve the ISO/IEC 42001 Certification. This achievement underscores FSS’s strong commitment to the ethical and responsible use of artificial intelligence (AI) in the realm of payments and banking technology.

This certification marks a pivotal transition for FSS, moving the company from ad-hoc adoption of artificial intelligence to implementing a comprehensive, structured AI governance framework throughout the organization. By aligning AI governance with crucial areas like information security and quality management, FSS emphasizes its importance in its business strategy.

The Importance of ISO/IEC 42001 Certification

Obtaining ISO/IEC 42001 Certification demonstrates that FSS prioritizes structured oversight across the entire AI lifecycle. This includes continuous monitoring of deployed AI systems to proactively identify and address potential risks such as biases, unintended outcomes, and compliance issues with regulations. The standard is a significant evolution in AI governance, distinguishing itself from traditional IT frameworks by establishing clear ownership and defined governance structures for AI systems.

In an environment where fairness, explainability, and accountability are essential for trust in financial services, FSS is ensuring that its AI systems meet these expectations. V Balasubramanian, the CEO of FSS, remarked on this achievement, stating, "AI is fundamentally transforming how decisions are made in payments, impacting everything from fraud prevention to risk management. As AI becomes integral to our infrastructure, the importance of governance cannot be overstated. In today's fast-changing landscape, non-compliance poses substantial risks, and this certification demonstrates our dedication to developing AI systems that are trustworthy and accountable."

Leading the Charge in AI Governance

As regulations around AI continue to evolve, including frameworks like the EU AI Act and the Reserve Bank of India’s focus on ethical AI use, FSS’s early adoption of ISO/IEC 42001 positions the company as a leader in AI governance within the financial services sector. The sound AI governance framework put in place by FSS has received independent assessment from TÜV SÜD, a recognized global certification and assurance provider, highlighting FSS's high organizational maturity level concerning AI governance.

FSS's commitment to advancing ethical AI practices reflects a broader trend in the financial industry, where understanding the implications and risks associated with AI systems is becoming critical. By achieving ISO/IEC 42001 Certification, FSS sets a benchmark in establishing an enterprise-wide governance framework, paving the way for others in the industry to follow suit.

About FSS

Financial Software and Systems (FSS) is a globally recognized leader in payments technology and transaction processing. With a presence in over 25 countries, FSS employs advanced technology to facilitate seamless transactions for banks, financial institutions, and fintech companies. The company’s extensive portfolio includes solutions for card issuance, merchant acquiring, real-time payments, and operational automation, redefining customer experience in payment systems. FSS’s achievement of ISO/IEC 42001 Certification not only solidifies its position at the forefront of the payments industry but also indicates a strong commitment to responsible innovation and ethical technology practices.

In conclusion, FSS’s groundbreaking achievement of the ISO/IEC 42001 Certification is a significant step towards fostering responsible AI governance in financial services, ensuring customer trust, and setting a high standard for the industry at large.