The Payments Association’s Financial Crime Working Group has created a Glossary of key AI terms for the payments industry.
The adoption of Artificial Intelligence (AI) divides opinion and serves to remind us that humans’ use of technology is not always a force for good. AI systems are powerful – they can compact and combine all the previous knowledge of humanity in their models. AI has the potential to transform our lives and will ultimately underpin our access to services. It is a disruptive technology which will increase the impact and speed of change. AI deployment clearly comes with risks and the issue facing us all is how to develop new and amend existing policies, processes and customer journeys to mitigate those risks and then enforce the regulation we create.
Understanding the language of AI is vital for policy makers and regulators to help them to recognise and evaluate the enormous potential of this sector. This Glossary will be reviewed and updated regularly. The consistent use of terms will enable a wide-spread common lexicon that supports a robust understanding of the impacts, challenges and potential solutions generated by AI.
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