Pelican, a global provider of payments and financial crime compliance systems for banks and corporates, has expanded its PelicanFast solution to cater for the real-time payments and compliance needs of the US market. PelicanFast, already internationally approved to work with other real-time payment schemes – including the pan-European SEPA Instant Payments scheme launched last year – now offers instant payments and real-time financial crime compliance capabilities for the North American market.
The Federal Reserve and National Automated Clearinghouse Association (NACHA) are actively promoting the adoption of instant payments to the American banking market. Implementing real-time payments can however be a highly complex process that challenges the technical and compliance capabilities of existing legacy environments designed for batch processing. PelicanFast will enable banks to capture the growth opportunities presented by real-time payments, without the traditional headaches of overhauling or replacing existing core-banking systems that are ill-suited to a real-time, 24/7 payments environment. This is achieved by providing value-add features which fill the void left by older core systems that are not always on-line and cannot respond to high volumes of requests in quick succession.
Parth Desai, founder and CEO of Pelican, commented: “While there is currently no regulatory obligation in the U.S. to adopt real-time payment capabilities, the need to innovate and enhance legacy batch capabilities for today’s dynamic digital market is very much an essential for banks who wish to retain market share and capture new customers.
“The new tech entrants with innovative real-time capabilities threaten to significantly disrupt the traditional slow-moving payments infrastructures and processes. American customers, both business and consumer, increasingly expect real-time banking and payments services. The PelicanFast real-time payments and financial crime compliance solution enables banks to innovate and deliver quick-to-market instant payments solutions while retaining their existing investment in internal legacy systems.”
PelicanFast combines both payments processing and fraud prevention services for the US market. It is unique in the way it uses the AI discipline of natural language processing to provide the highest levels of financial crime compliance, whilst still ensuring all validations are conducted within the strict processing time limits dictated by real-time schemes. Using PelicanFast, banks can remain confident of meeting their obligations, while gaining quick access to the liquidity and service benefits of real-time transactions.
PelicanFast is comprised of inter-operable modules for real-time payments processing and real-time financial crime compliance monitoring such as fraud detection, which are available individually or combined and are adaptable to suit the needs of multiple real-time payment schemes. The solution can be deployed on premise or provided as a secure hosted cloud service.