Intelligent Pan-European Digital Payments Hub will help achieve high levels of payment automation, reduce processing costs, achieve regulatory compliance, lower risk and create opportunities for revenue generation and increased profitability
Leading AI-based-solutions provider, Pelican AI, announced that Santander Consumer Bank Austria has extended its partnership with Pelican to use its PaaS (Payments as a Service) solution. The Pelican Digital Payments Hub and integrated Sanctions Screening solutions will be used to process Target2, domestic SEPA payments and cross-border SWIFT payments on the Pelican cloud.
European payment systems are undergoing significant innovation due to the impact of new technology developments, evolving regulation and the changing expectations of corporate customers and consumers.
Pelican’s PaaS solution, based on the Pelican Digital Payments Hub, handles format-agnostic and differentiated processing of all payment types and can coexist and interact with back-office applications based on legacy technology, allowing 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 by leveraging Pelican’s AI-based payment automation, format translation, payments enrichment and statement matching capabilities. The integrated AI and NLP-based Sanctions Screening capabilities will offer intelligent screening of payments in full compliance with EU and global regulatory requirements.
Pelican AI gives its clients the opportunity to utilise a payments hub that is not only compliant today but can also easily adapt to market developments in the EU in an ever-changing payments landscape. Pelican’s SaaS-based solution, used by large global banks worldwide, can unify the bank’s current infrastructure, delivering the integration needed and bringing sizable cost savings.
Parth Desai, CEO, Pelican AI states: “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 Pelican Digital Payments Hub integrates all payment infrastructures and transaction types including Target2 for High Value Payments, TIPS and EBA RT1 for SEPA Instant Payments, EBA STEP2 for SEPA Credit Transfers, SWIFT MT and MX for correspondent banking and open APIs for PSD2 and Open Banking. The solution is message and format agnostic supporting multiple formats out of the box like ISO 20022, SEPA, SWIFT – MT & MX, FED, CHIPS, regional RTGS, faster payments schemes, and many more. It delivers exceptional levels of efficiency, control and flexibility through complete end-to-end payments life cycle for all payments methods and all clearing and settlement mechanisms, exception processing and statement matching, covering transformation, routing, repair and reporting services including configurable dashboards.
Pelican Secure Watchlist Filtering, part of the AI and NLP-enabled suite of financial crime compliance solutions, is a market-leading financial crime compliance solution for Enterprise Watchlist and Sanctions Screening. It delivers reputational protection across all payment processes and counterparties and is deployed on both a local and global basis by multiple large and small financial institutions to ensure risk mitigation and reduce cost to compliance. It offers significant reductions in FPR and review times through information-rich alert management screens with escalation capabilities and configurable dashboards and reporting to support internal and regulatory audits.