| Key Information | Details |
|---|---|
| Event | ISO/IEC 42001 Certification awarded |
| Recipient | Financial Software and Systems (FSS) |
| Date | 6 January 2026 |
| Significance | First payments company in India, ME, APAC, and SA to achieve this certification |
| Purpose | Ethical and responsible use of Artificial Intelligence (AI) |
| Domain | Digital payments and transaction processing |
| Certifying Bodies | International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC) |
| Focus of Certification | Artificial Intelligence Management Systems (AIMS) |
| Key Objectives | - Ensure ethical AI use<br>- Establish AI governance framework<br>- Promote transparency, accountability, and explainability in AI systems |
| Risk Mitigation Areas | - Algorithmic bias<br>- Unintended outcomes<br>- Lack of transparency<br>- Regulatory and compliance failures |
| Role of AI in Digital Payments | - Fraud detection<br>- Transaction monitoring<br>- Risk assessment<br>- Customer authentication |
| Strategic Impact | Strengthens FSS's credibility in global markets (ME, APAC, SA) and reflects India's leadership in fintech innovation and AI adoption |
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