AI-payment technology introduced by Pelican and Banking Labs
Recognising an opportunity to give a technological boost to the nation’s successful finance sector (which represents over 7% of GDP), Pelican is importing its expertise in the field of AI, language processing and machine learning.
Having already developed two successful programmes integrating this technology - PelicanPay and PelicanSecure - the company will be working with Banking Labs to find the best method for implementing the tech domestically.
“We see a growing need from banks for technology that can automate and streamline their payments and compliance processing and to significantly improve operational efficiencies,” said Corey Gill, COO at Banking Labs in a press release.
“Pelican stood out in comparison to other vendors globally given their focus and proven expertise in this area, along with their existing experience in the Canadian market.
“We are very enthusiastic about the potential for Pelican’s solutions in Canada and are already engaging with a number of local banks to discuss the benefits of the technology.”
The significance of Pelican’s fintech innovations lies in its ability to streamline the ‘payment lifecycle’ whilst simultaneously allowing for an enhanced service and with no compromise on security.
With over 20 years in the field and an enormous amount of transaction processing experience (estimated at US$5trn), the company is poised to deliver outstanding solutions to a brand new set of customers.
“We are excited about the potential for our payments and compliance solutions in the Canadian market,” said Parth Desai, CEO.
“Forming this strategic partnership with Banking Labs means we can together help banks and corporations manage regulatory changes and achieve payments-related operational efficiencies using AI and NLP, as well as machine learning techniques.”
Dr Ravi Gedela, CEO of Banking Labs, was similarly buoyant at the prospect and praised the ingenuity of the company’s solutions.
“This is a strategic partnership with Pelican which further strengthens our compliance capabilities to offer sustainable and value-creation solutions to Canadian customers. In our view, Pelican’s use of AI and NLP in compliance products is revolutionary”.