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Pelican expands into South Korea via Strategic partnership with CMSoft

PelicanLondon-based Pelican, a payments and financial crime compliance solutions provider, has partnered with CMSoft in South Korea, to expand its global sales reach. The collaboration is expected to bring the PelicanSecure Trade Compliance solution to the financial services industry in South Korea.

Parth Desai, CEO, Pelican stated, “We are excited about the potential for our PelicanSecure Trade Compliance solution in South Korea and delighted to be forming this strategic partnership with CMSoft to help banks tackle the increasing burden of trade-based money laundering.”

CMSoft, is a supplier of compliance software including audit, FATCA and AML solutions and services in Seoul. It will market, sell and help deploy and support PelicanSecure Trade Compliance in the local market.

Jong Hoon Lee, CEO, CMSoft enunciated, “We see a growing need from banks for technology that can automate and streamline their trade processing and compliance functions. Pelican stood out in comparison to other vendors globally given their focus and proven expertise in this area. We are very enthusiastic about the potential for PelicanSecure in South Korea and are already engaging with a number of local banks to discuss the benefits of the solution.”

Colin Camp, Senior Director, Business Development, APAC, Pelican mentioned, “We are now working closely with CMSoft to help them provide the best services to local banks around our solution. We have been very impressed by the CMSoft team and look forward to building a long and successful partnership in the region.”

The solution leverages AI, Natural Language Processing, Machine Learning, OCR and imaging technology to digitise paper-based documents and automate the subsequent trade compliance workflow, including sanctions screening, DUG screening, document data consistency checks and red flag alerts, thereby reducing the reliance on manual effort, improving efficiencies and making trade operations and compliance more cost-efficient.

In December 2019, nCino had announced the integration of J.D. Power Valuation Services into its Bank Operating System to allow financial institutions (FIs) obtain accurate pricing for vehicles used by their customers as loan collateral, without having to log into separate systems or rekey data.

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