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Santander Bank Austria taps Pelican AI for Intelligent Payments Processing

By Gloria Methri

March 23, 2023

  • AML Compliance
  • Austria
  • Financial Crime Detection Systems
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Santander Consumer Bank Austria, Open Banking, SEPA Instant Payments, iPaaS, Pelican.ai, Austria, FinTechSantander Consumer Bank Austria has partnered with Pelican.ai to use its intelligent payments processing solution to process Target2, domestic SEPA payments, and cross-border SWIFT payments on the Pelican cloud.

European payment systems are undergoing significant innovation with new technology developments, evolving regulations, and changing expectations of corporate customers and consumers.

Pelican’s iPaaS (Intelligent Payments as a Service) solution, handles format-agnostic and differentiated processing of all payment types and can coexist with back-office applications based on legacy technology.

The platform offers unique opportunities to simplify and modernize all payments: Cross-border, RTGS, Instant, and ACH. Its modular design and extensible APIs supplement legacy payment solutions with new payment services, enabling financial institutions to onboard new payment services on a ‘pay-per-use’ basis.

The comprehensive platform comes fully integrated with Pelican’s advanced, AI-powered Financial Crime Compliance capabilities covering real-time Sanctions Screening, AML, and Fraud Detection.

The partnership will help Santander Consumer Bank Austria to retain and extend the life of its existing core systems without making a significant new investment. Crucially it will also allow the bank to upgrade to the latest cloud-based payment services and embrace market and regulatory changes in the mandated timelines.

Pelican’s CEO, Parth Desai said, “With the PaaS solution using Pelican’s Digital Payments Hub, we’re enabling banks like Santander Consumer Bank Austria to be more cost-efficient, grow their business and market share, with faster time to value for them and their customers. We have no doubt that our solution will help them drive further growth. We’re excited to be part of their ongoing success.”

The bank will leverage Pelican’s AI-based payment automation, format translation, payments enrichment as well as statement matching capabilities. The integrated AI and NLP-based Sanctions Screening capabilities will offer an intelligent screening of payments in compliance with EU and global regulatory requirements.

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