We still need to talk about AI—Why AI does work

By Parth Desai

True human intelligence is difficult to replicate. Making computers behave like humans isn’t possible in a generic sense—but in a specific domain it can and has been achieved; with real applications used in finance and compliance for some time now...

AI software is a heuristic and knowledge-based system, which has a general purpose algorithm, and additionally uses a lot of common sense and domain specific information to make decisions just like humans do.

This is how the AI programs work in machine learning, natural language understanding and expert systems—to name a few AI subdomains. In the financial domain we have message processing systems, which understand free format natural language to perform what humans have told computers to do after fully understanding the information in the context of relevant domains—just like humans do. Once you have a full understanding you can explain your decision and the reasons why you carried out certain actions. It can also remember your decision to learn from the same experience for use in the future. This is how the machine learning is successfully achieved. 

A proven solution
Pelican has worked with banking and corporate clients for over two decades to provide intelligent, automated financial transaction management and sanctions compliance.

Our platform empowers them with intelligent, self learning solutions that simplify and automate the entire work flow –reducing cost, increasing revenue and giving them the freedom to achieve their goals.

Using AI and natural language processing to contextualise financial messages, Pelican translates, repairs and routes incoming and outgoing payments with human like reasoning and systemic efficiency—while providing end-to-end visibility and control.

• Streamlined payments and collections
• Intelligent, automated exception handling eliminates repairs
• Chooses the fastest and cheapest route for any payment
• Global file management for all payment types and formats with any-to-any connectivity across all channels
• Command centre with full visibility and controlIntuitive screening against all sanctions regulations
• Available on premises or as a SaaS solution

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