Pelican, a provider of payments and artificial intelligence technology, is supporting Swift's development of a new service for low-cost cross border payments across its
Swift's GPI network currently handles high-value payments, estimated at more than $300 billion each day. The new service under development enables banks to provide cross-border payments for consumers and small businesses and is expected to be in place by the end of March.
PelicanPayments will deliver AI capabilities to perform validation and payment data analysis for the low-value payments moving between the financial institutions.
Costs and processing times will be known upfront, and real-time status will be available to both originator and beneficiary banks.
“Swift GPI has already transformed high-value cross-border payments and its success has provided us with an opportunity to bring its many benefits to the small enterprise and consumer payment markets," Carlo Palmers, head of payments solutions at Swift, said in a Thursday press release.
"Working alongside more than 20 financial institutions and vendors, we will enable these customers to make fast, easy, predictable and competitively priced payments all around the world via their banks,” Palmers added.
Pelican will use AI and natural language processing techniques for smart validation and intelligent payment data enrichment to boost straight-through processing at both sending and receiving banks. It will help facilitate processing within a prescribed service level agreement.
Payment data enrichment ensures the correct BIC Code, IBAN validation and enrichment, and other bank codes, are provided so that there is no human intervention required. The process facilitates fully automated end-to-end straight through processing and enables timely execution of international payments.
Pelican’s plug-in solution can be deployed as a part of Pelican payment processing or as a stand-alone solution with other payment systems. Pelican says it allows banks to access its solution on the cloud or deploy on their premises, based on the bank’s existing payment architecture, to minimize disruption and time to market deployment.
Banks using PelicanPayments will be better able to compete against global remittance providers and card networks for low-value transfers in key currency corridors with the addition of Swift's new account-to-account service, the companies stated.
“Payment systems are undergoing significant innovation and change, as new technology developments and regulation impacts banks, as well as the expectations of their corporate and retail customers," Parth Desai, CEO of Pelican, said in the release.
"This provides an opportunity to transform the experience in the SME and consumer payment markets," Desai added. "With our intelligent solutions aimed at SME and corporate markets, Pelican is confident that the initiative for low-value cross-border payments will have a similar large scale adoption and help us make international payments simple, transparent and fast, with guaranteed timely delivery.”
Pelican has been a Swift partner for more than 20 years. Pelican operates out of London, while the Swift financial messaging standards operation is headquartered in LaHulpe, Belgium, with other offices worldwide.
