Pioneering AI Governance: FSS Achieves ISO Certification in Payments

Financial Software and Systems (FSS) becomes the first in India, the Middle East, APAC, and South Africa to obtain ISO IEC 42001 Certification. This achievement highlights FSS’s commitment to ethical AI governance within the payments industry, enhancing accountability and risk management across all AI operations.

In a groundbreaking achievement, Financial Software and Systems (FSS) has become the first payments company in regional markets, including India and the Middle East, to secure the ISO IEC 42001 Certification. This standard underscores their leadership in ethical AI use within payments technology.

By aligning with ISO IEC 42001, FSS has transitioned from ad-hoc AI usage to a systematic, enterprise-wide AI governance framework. This move positions AI governance on par with information security as a key business discipline, addressing new-age challenges such as fraud detection and operational automation.

V Balasubramanian, CEO of FSS, highlights the significance of this certification as AI increasingly influences real-time decisions in financial services. Early adoption of the standard places FSS ahead of global regulatory landscapes, such as the EU AI Act, reinforcing FSS's role as an industry pioneer.