Cash & Liquidity ManagementPaymentsClearing & SettlementPelican launches real-time payments processing and compliance

Pelican launches real-time payments processing and compliance

PelicanFast is aimed at organisations participating in the European Payments Council’s instant payments scheme.

Payments and compliance systems provider Pelican has launched PelicanFast, a real-time payments and compliance solution for organisations participating in the European Payments Council’s (EPC) pan-European instant payments scheme. Pelican is part of the ‘Frontrunner service providers’ list introduced by European Banking Authority (EBA) Clearing to help European financial institutions identify service providers that can assist early adopters connect to EBA Clearing’s pan-European real-time payment infrastructure.

PelicanFast combines payments processing and compliance assurance services, incorporating real-time anti- money laundering (AML), sanctions screening and fraud prevention, and enables businesses to make national and international credit transfers across 34 European countries. It enables banks to add the functionality required to handle immediate payments while retaining their existing investment in internal legacy systems that may be ill-suited to the demands of real-time processing.

Parth Desai, founder and chief executive officer (CEO) of Pelican, commented: “The Pelican payments and real-time compliance service is unique in the way it uses the artificial intelligence (AI) discipline of natural language processing to provide the highest levels of compliance, whilst still ensuring all validations are conducted within the strict processing time limits dictated by real-time schemes. Using PelicanFast, banks can gain quick access to the liquidity and service benefits of real-time transactions, avoiding the traditional implementation headaches and costs associated with a major systems overhaul.”

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