Pelican to supply STP, payment automation for Bank of Montreal

By Sunniva Kolostyak

Bank of Montreal (BMO) has chosen to go live with AI solutions provider Pelican’s financial hub for payment analytics, automation and straight-through processing (STP) solution, enhancing its operational payment capabilities.

The Canadian bank selected Pelican Intelligent Financial Hub to enhance its infrastructure, its STP rates and customer experience – all part of a larger modernisation initiative that includes payment industry changes to high-value payments.

The Pelican solution works to continuously improve straight-through processing, allowing financial institutions to target a 95 per cent plus rate in their STP capabilities, while supporting both current and future SWIFT message formats.

Based on AI and Natural Language Processing (NLP) technologies, it helps organisations achieve higher STP processing goals, reduce manual processing, and provide the modern payment infrastructure needed to adapt to new messaging standards such as ISO 20022 for both domestic and cross border payments.

Commenting on the go-live, Parth Desai, Founder and CEO of Pelican, said investing in an intelligent payment infrastructure with automation is the right thing to do – now more than ever.

“With the ever-increasing processing volumes and innovation in payments, banks need the right mix of technology to offer advanced and intelligent payment processing, as well as innovative solutions to improve their unique capabilities. BMO made the right decision for its customers by choosing to invest in its core payment infrastructure. The benefits will be seen for years to come,” Desai said.

Also commenting, said Derek Vernon, Head, Enterprise Payments Modernization, BMO Financial Group, added: “Pelican has delivered a comprehensive, intelligent and cost-effective payment enrichment solution that will improve the STP rate, resulting in a reduction of overall manual repairs and a decrease in operational costs.”

“Most importantly, it will further enable our commitment to continuous innovation. Pelican’s solution meets both current and future business and technology requirements and will help us quickly evolve future capabilities.”