As an era approaches in which AI can make payments or open bank accounts on behalf of people, a push in the U.S. financial sector to establish new liability standards is gaining momentum. A key dispute is who bears responsibility among consumers, banks and AI developers when an AI agent makes mistakes or is defrauded during a transaction.

American Banker reported on Oct. 13 that U.S. banks, payment companies and technology firms are discussing standards to distinguish liability for financial transactions carried out by AI agents.

AI agents can buy goods or transfer funds on a user’s instructions. But even if an AI orders the wrong product, a bank’s payment approval does not prove the consumer’s intent to purchase.

Federal Reserve Governor Christopher Waller (크리스토퍼 월러) said at a Sibos event on Sept. 29 that a lack of trust is the biggest obstacle to the spread of agent-based commerce. He said the aim is to supplement existing consumer protection rules and payment network regulations.

The market’s growth potential is also large. Consulting firm Bain projected that annual U.S. spending on AI agent commerce will reach $500 billion, or about 670 trillion won, in 2030.

U.S. lender Lead Bank proposed a “waterfall” framework that distinguishes liability depending on the cause of an incident. Under the approach, consumers would not be liable if an AI exceeded delegated authority, while banks would be held responsible if they failed to control that authority.

It classifies defects in AI models or a lack of safety safeguards as the developer’s responsibility, and deliberate acts that induce an AI to exceed its authority as the seller’s responsibility.

Fintech startup Primitive also presented an “Agentic Financial Service Protocol,” or AFSP. It is a draft standard designed to verify an AI’s identity and whether users approved transactions, and to track transaction processes for use in audits and regulation.

Still, these standards remain at the proposal stage. Jackie Reses (재키 리시스), chief executive of Lead Bank, stressed that “overhauling related bank and payment regulations is a bigger task than technically controlling liability.”