Payment gateway provider Pelican Group has launched PelicanPay, a new unit of the London company, to focus on providing European-wide Payment Services Directive connectivity, payments and financial crime compliance services.
PelicanPay offers fintechs and third-party providers with application programming interface interoperability as they seek efficiency for PSD2-regulated payment initiation and account information services across Europe.
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“Regulatory mandates for open API access are part of the wider digital transformation of payments," Parth Desai, founder and CEO of Pelican Group and Pelican Pay, said in a Friday press release. "The shift to mobile-first, customer centric digital engagement creates dynamic opportunities for both new and established financial institutions to offer exciting and engaging products."
PelicanPay addresses a key PSD2 challenge by providing a truly Pan-European API Interoperability platform, Desai added. "By launching PelicanPay, we are enabling fintechs and TPPs to reach up to 500 million customers across the continent through a single popular API,” he said.
PelicanPay’s OpenBanking Hub will enable Pan-European access to around 6,000 banks through a PelicanPay API, as well as from PelicanPay versions of other financial APIs.
The company says the platform will take care of all the technical and regulatory complexity of API connectivity — handling all API conversions and bank connectivity in the background.
