8 months ago
FSS First in India to Achieve ISO IEC 42001 AI Certification
FSS is a company that helps with payments and transactions.
They just got a special certificate called ISO IEC 42001, which means they are really good at using AI in a safe and responsible way.
This certificate is the first of its kind in India and some other places.
FSS uses AI for things like catching fraud, checking transactions, and making things work better.
They had to follow strict rules to get this certificate, and now they are one of the first companies to do so.
This is important because AI is becoming more important in payments, and it's good to know that companies are using it in a way that is fair and safe.
FSS is the first payments company in India, the Middle East, APAC, and South Africa to achieve ISO IEC 42001 Certification for AI governance.
The certification highlights FSS's commitment to responsible and ethical use of AI in payments and banking technology.
FSS uses AI for fraud detection, transaction monitoring, reconciliation, dispute management, and operational automation.
The ISO IEC 42001 standard ensures structured oversight across the AI lifecycle, addressing risks like bias and regulatory non-compliance.
FSS's AI governance framework was independently assessed by TÜV SÜD, a certification and assurance body.
- Who
- Financial Software and Systems (FSS)
- What
- Achieved ISO IEC 42001 Certification for AI governance
- Where
- India, Middle East, APAC, South Africa
- When
- Not specified
- Why
- To ensure responsible and ethical use of AI in payments and banking technology
Key facts
- Company
- Financial Software and Systems (FSS)
- Certification
- ISO IEC 42001
- Region
- India, Middle East, APAC, South Africa
- AI Use Cases
- Fraud detection, transaction monitoring, reconciliation, dispute management, operational automation
- Certification Body
- TÜV SÜD
- CEO
- V Balasubramanian
- Contact Email
- [email protected]
- Contact Phone
- 97241 80002
Quotes
V Balasubramanian
CEO of Financial Software and Systems (FSS)
“AI is increasingly shaping real-time decisions in payments, from fraud prevention to risk management. As AI becomes core infrastructure, governance becomes non-negotiable. In today’s world, not being compliant has a risk associated with it because of the way AI is changing payments. This certification underscores our commitment to building AI systems that are not just powerful, but also trustworthy, explainable, and accountable.”
livemint.com
Sources
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