BNY Mellon announced that it has joined with other financial industry market participants to create a framework for financial institutions to promote the responsible adoption of artificial intelligence and data analytics (AIDA).
The framework, known as Veritas, aims to help financial institutions evaluate their AIDA-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that the Monetary of Singapore co-created with the financial industry last year to strengthen internal governance around the application of AI and the management and use of data.
“With the prevalence of artificial intelligence and data analytics across financial services, it is essential that we ensure we continue to do the right thing for our clients, the industry and regulators. As an early adopter of these advanced technologies and a provider of critical infrastructure for the world’s financial markets, we believe we can play a significant role in helping to validate the FEAT principles systemically,” said Hans Brown, global head of Innovation at BNY Mellon, in a statement.
BNY Mellon has been working with the Veritas consortium and wider community to identify, categorize and refine the use cases that will serve as the starting point for this effort, as well as engaging the broader financial services ecosystem to accelerate its execution.
“Veritas aims to provide financial institutions with a verifiable way to incorporate FEAT principles into their AI solutions. BNY Mellon has strong engagements in Asia driving digital initiatives, and is able to support the consortium through sharing its knowledge and expertise,” said David Hardoon, special advisor (AI), Monetary Authority of Singapore.
This follows the recent news that BNY Mellon has joined the ASEAN (Association of Southeast Asian Nations) Financial Innovation Network (AFIN), which was established in 2018 to facilitate innovation and cooperation between financial institutions and fintechs in an effort to digitally transform the banking and financial sectors across Southeast Asia to ultimately drive financial inclusion.