SwiftPay, the enterprise payments arm of Bangko Sentral ng Pilipinas (BSP)-regulated Swift Technology Ventures Inc., has launched SwiftGuard, a real-time fraud-detection and decisioning layer aimed at helping local banks and BSP-supervised financial institutions (BSFIs) comply with new anti-fraud mandates.
The news from SwiftPay comes amid heightened regulatory scrutiny under the Anti-Financial Account Scamming Act (AFASA) and BSP Circular No. 1213, which require covered institutions to deploy Fraud Management Systems (FMS) capable of intercepting illicit transactions in real time.
According to data cited in the release, over 60% of Filipino adults are targeted by financial scams annually, with e-wallets (74%) and wire transfers (14%) serving as the primary channels for illicit funds.
Compliance Framework and Technical Capabilities
Under BSP Circular No. 1213, institutions must evaluate real-time transaction data across five core parameters:
- Transaction velocity
- Changes in mobile device and account details
- Geolocation
- Blacklist screening
- Behavioral anomalies
SwiftGuard operates as a Software-as-a-Service (SaaS) layer via REST/JSON APIs, positioning itself above existing infrastructure rather than requiring a core banking overhaul. The platform runs over 40 configurable rules, providing real-time recommendations (allow, hold, block, or step up) while leaving final execution to the host institution’s core systems. It also includes anti-money laundering (AML) integrations and tamper-evident audit logging to meet regulatory reporting requirements.
“Compliance cannot be treated as a one-time technology project. Financial institutions need controls that keep learning, adapting, and producing evidence as fraud tactics evolve,” said Paweł Jędruch, Head of Technology at SwiftPay. “Our role is to help institutions build that capability without forcing them to replace the core systems they already rely on.”
System Integrations and Enterprise Footprint
The launch marks an expansion of SwiftPay’s enterprise offerings in the Philippines. Operating as a regulated Operator of Payment System (OPS), SwiftPay initially focused on addressing back-office reconciliation challenges across major payment rails, such as GCash, Maya, QR Ph, Visa, and Mastercard, for large corporate entities. With SwiftGuard, the provider is extending its backend infrastructure focus directly into core banking security.
SwiftPay confirmed that SwiftGuard is currently live in production at several institutions, including VBank, Netbank, and AgriBank. Additionally, the fraud layer is natively integrated with Nextbank’s Core Banking System (CBS) and Mobile Banking platforms, enabling plug-and-play deployment for banks utilizing Nextbank infrastructure.
This article is published on BitPinas: SwiftPay Launches SwiftGuard to Help Banks Meet BSP Anti-Fraud Rules
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