Pelican to develop new cross border payments service with SWIFT
By Megha Bhattacharya
AI technology provider, Pelican today announced that it will be developing a new service for low-value cross-border payments with SWIFT. Pelican’s new service, expected to be ready by March 2021, will enable banks to provide cross-border payments for consumers and small and medium enterprises (SMEs).
Parth Desai, CEO of Pelican, said, “Payment systems are undergoing significant innovation and change, as new technology developments and regulation impacts banks, as well as the expectations of their corporate and retail customers. The success of SWIFT gpi, which is used by thousands of banks and carries billions of payments worldwide, will allow efficient transaction processing and full transparency. This provides an opportunity to transform the experience in the SME and consumer payment markets.”
“With our intelligent solutions aimed at SME and corporate markets, Pelican is confident that the initiative for low-value cross-border payments will have a similar large scale adoption and help us make international payments simple, transparent and fast, with guaranteed timely delivery.”
According to Pelican, the service builds on the strength of SWIFT gpi and will enable consumers and SMEs to send predictable low-value international payments seamlessly via their financial institutions. The company is enabling SWIFT low-value payments (SLVP) through SWIFT gpi using Artificial Intelligence (AI) and Natural Language Processing (NLP) techniques.
Carlo Palmers, Head of Payments Solutions at SWIFT, said, “SWIFT gpi has already transformed high-value cross-border payments and its success has provided us with an opportunity to bring its many benefits to the SME and consumer payment markets. Working alongside more than 20 financial institutions and vendors, we will enable these customers to make fast, easy, predictable and competitively priced payments all around the world via their banks.”
The plug-in solution can be deployed as a part of its processing or as a stand-alone solution with other payment systems. The company performs smart validation and intelligent payment data enrichment to boost straight-through processing at both sending and receiving banks and to facilitate processing within a prescribed service level agreement.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage