UncategorizedPelican launches ‘plug-and-play’ open banking API tool

Pelican launches ‘plug-and-play’ open banking API tool

The open banking solution from Pelican has a range of API tools for banks and payment service providers looking to comply with the revised Payment Services Directive (PSD2).

A ‘plug-and-play’ opening banking API solution has been launched by Pelican, a global payments and compliance systems provider for banks and corporates.

The tool brings application programming interface (API) management and monetisation capabilities to its previously existing ‘Pelican Platform’.

The Pelican open banking API solution has a range of API tools for banks and payment service providers looking to comply with the revised Payment Services Directive (PSD2). It also supports third-party providers and developers.

It ensures full adherence with PSD2 and open banking regulatory mandates to facilitate access to customer account information and payment initiation for authorised third-parties.

The new solution is fully integrated with the machine learning and natural language processing software of the Pelican Platform.

“The emergence of a truly open banking ecosystem is set to dramatically transform how banks and their customers engage and operate.”

It provides real-time payments and compliance capabilities for banks, account information service providers (AISPs) and payment initiation service providers (PISPs).

It will allow these clients to explore the new business models and opportunities presented by PSD2 and enable the rapid deployment of value-added products and services, according to Pelican.

Parth Desai, founder and CEO of Pelican, says: “The emergence of a truly open banking ecosystem is set to dramatically transform how banks and their customers engage and operate. The ability, and obligation, to share payment initiation service and account data with authorised third-parties represent a significant development in the digital transformation of financial services.”

“The shift to mobile-first engagement, alongside regulatory driven mandates for open API access, creates dynamic new opportunities for financial institutions to enrich their services and products with new technologies like machine learning and natural language processing.

“In addition, with the ability to seamlessly integrate existing core banking systems with third-party APIs, the Pelican Platform not only ensures PSD2 compliance but enables organisations to seize the new business growth opportunities provided by the emerging open banking ecosystem,” Desai adds.

Using the company’s experience of artificial intelligence (AI) technology, the API integration capabilities can be applied to omnichannel customer delivery points, from web and mobile to emerging user experience (UX) interfaces such as voice query and transaction initiation.

All Pelican solutions can be deployed on premise or provided as a secure SaaS application.

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