Global payments technology company FSS has achieved ISO/IEC 42001 certification for artificial intelligence management systems, becoming the first payments provider across India, MEA, APAC and South Africa to meet the new AI governance standard.
Financial Software and Systems (FSS), a global payments technology and transaction processing company headquartered in Chennai, India, has secured an ISO/IEC 42001 certification that reflects the company’s ongoing efforts to follow internationally accepted best practices to govern AI systems responsibly, ethically, and in a way that builds trust with users and regulators.
ISO/IEC 42001:2023 is the newest international standard for AI governance and management systems, also known as an Artificial Intelligence Management System (AIMS) standard. Published by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), it is the first formal international standard globally dedicated specifically to AI governance. The latter becomes critical as the technology quickly develops and penetrates every other business aspect, including those handling sensitive personal and financial data.
ISO/IEC standard sets requirements for establishing, implementing, maintaining, and improving a structured system to manage AI responsibly across an organization’s lifecycle. It covers all possible AI deployment stages from development to monitoring and risk mitigation.
FSS itself uses AI widely across its operations, e.g. for fraud detection, transaction monitoring, reconciliation, dispute management, operational automation, and more. Therefore, governing all these systems transparently and safely is critical for the paytech provider. End users and investors alike agree that AI-driven decisions in regulated payment systems must be explainable, fair, and reliable – exactly what the ISO/IEC 42001 certification strives to achieve.
FSS is not the first company ever to have received the AI governance standards recognition. Earlier, KPMG, Cognizant, Anthropic, AWS, FPT Software, Siili, JAGGAER, Rossum, Atomicwork, GuruLink / Fairly AI, Unique AG, Xayn (Germany), and some more niche tech firms have publicly announced their ISO/IEC 42001 certification. At the same time, the scope of certified companies remains very limited.
Furthermore, FSS has become the first payments company in India, MEAPAC and South Africa to earn this certification. The legal milestone shows that the paytech company has structured, ethical, and transparent AI governance, which can be seen as an important emerging competitive advantage in fintech and regulatory compliance as AI-driven financial services scale exponentially.
