Financial technology company SwiftPay has introduced SwiftGuard, a software platform that allows Philippine banks and other financial institutions to screen transactions and respond to suspected fraud in real time.
The rollout comes as institutions adjust to the Anti-Financial Account Scamming Act (AFASA) and Bangko Sentral ng Pilipinas (BSP) Circular No. 1213, which require covered banks and BSP-supervised financial institutions to strengthen their fraud management systems.
Under the BSP circular, these systems must assess transactions based on five parameters: transaction velocity, changes in mobile device and account information, geolocation, blacklist screening, and behavioral anomalies.
SwiftGuard evaluates transactions using these indicators and recommends one of four actions: allow, hold, block, or require additional verification. The financial institution’s core system retains control over whether to carry out the recommended action.
“This regulatory shift makes clear that 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.
“At SwiftPay, our role is to help institutions build that capability without forcing them to replace the core systems they already rely on.”
SwiftPay said the platform includes more than 40 configurable rules across six categories, along with anti-money laundering integration, tamper-evident audit trails, multi-year log retention, and tools for exporting case records for regulatory examinations and investigations.
SwiftGuard is delivered as software-as-a-service and connects to existing banking systems through REST/JSON application programming interfaces secured using OAuth 2.0.
The platform does not require institutions to replace their core banking infrastructure or use a proprietary protocol or software development kit.
The technology is intended to help institutions comply with AFASA, which may require the restitution of funds when a financial institution fails to implement adequate risk controls or exercise the required diligence. BSP Circular No. 1213 also extends fraud-management obligations to relevant third-party service providers and clearing-switch operators.
“The next phase of digital finance growth will be determined by trust,” said Damian Gil, chief revenue officer at SwiftPay. “Financial institutions that can make sound decisions as money moves, and then document those decisions to continuously improve their controls, will be better positioned to protect customers and scale digital services responsibly.”
SwiftPay said SwiftGuard is already being used by VBank, Netbank, and AgriBank. It is also integrated with the core banking and mobile banking systems of Nextbank, allowing institutions using either platform to add the fraud-screening layer to their existing infrastructure.
Citing industry data, SwiftPay said more than 60% of Filipino adults are targeted by financial scams each year. E-wallets reportedly account for 74% of channels used to receive fraudulent proceeds, while bank or wire transfers account for 14%.
