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Comprehensive Digital Payments Hub

Banking SolutionsNon-traditional competitors such as Fintechs, Challenger banks are aggressively pursuing same customers and Regulators are constantly pressuring banks in meeting their objectives. Banks must manage new payment types, securely process payments, be efficient with high STP capabilities, and manage Sanctions Screening, AML and KYC monitoring effectively and efficiently. All this while meeting and offering superior customer experience in such a highly regulated business and competitive landscape.

Pelican's Digital Payments Hub solution is advanced and component-based and allows banks to meet their Operational, Payment processing and Compliance needs.

Pelican’s solutions

Pelican's solutions offer a full integrated & modular payment processing capabilities that covers all types of payments such as cross border, high & low value and faster (instant) payments. In addition, it also offers comprehensive compliance suite along with payment processing if required. Pelican applies 25+ years of experience in Artificial Intelligence (AI) techniques such as Natural Language Processing (NLP) and Machine Learning (ML) to enable payments data normalization, categorization, recommendation for new products and services with high STP rate, with Self-Learning capabilities to bring in an intelligent way to manage payment processes, leveraging latest technologies. The Digital Payments Hub is architected based on APIs, Containerization with micro services enabled and is highly scalable and cloud ready.

Digital Payments Hub

banking-payments-hub

Payment systems worldwide are undergoing significant transformation due to ISO 20022 based standardization and introduction of real-time (or Instant or Fast) payments worldwide. On a global basis Cross border payments, High value (RGTS) payments and instant payments along with many ACH systems like SEPA, will all be using ISO 20022 based message formats. It is also expected by 2026, 80% of global payments flow will in ISO 20022 format, especially for all major currencies. This will significantly transform the payment landscape with new standards and commoditize payments.

All banks and vendors will be able to provide SWIFT, real-time, RTGS and ACH payments in ISO standard formats. With popularity of scalable cloud technologies, containerization and microservices, the scalable payment platforms will be “standardized” and commonplace.

Due to increasing cyber threats and terrorist financing, regulators are increasing number of financial crime compliance checks for sanctions screening, AML, KYC, and fraud. Efficient, integrated, and seamless financial crime compliance check is now a mandatory requirement within any payment solution – On cloud or on premise. This will be even more pronounced with respect to Faster or Instant payments where it will be significantly advantageous to take one system performing payment processing along with fraud and compliance checks. One system performing or orchestrating payments, compliance, and fraud check processing allows single view of all data and enables required corrective action to meet strict processing time along with ability to have one common view of the customer transactions for both payments and compliance.

While, the competition from Fintechs is increasing, regulators are increasing their demands on AML & KYC and customers are being spoilt by easy to use, personalized services by social media and big tech giants. Banks are not only required to compete amongst themselves but with fintech and at a same time meet regulatory requirements. To stay competitive and relevant for their customers banks needs to every efficient in their operations including payment processing. Digital Payments Hub from Pelican allows bank to be very efficient in their processing environment and complete with Fintech and other banks but meet regulatory requirements effectively with very low false positive within a one single instance of Pelican.

Pelican Digital Payments Hub also brings in 25+ years of Artificial Intelligence (AI) experience using Natural Language Processing (NLP) and Machine Learning (ML) expertise to enable banks no only process payment efficiently but leverage data within Payments to provide value added products and services to increase margins and revenue with improved customer satisfaction and delight to them.

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Digital Payments Hub features

  • Integrated, any to any payments and messaging Hub for all banks and payments and statement transaction types.
  • Supports SWIFT, High & Low value payments, Instant payments, cross border payments including payment initiation.
  • Intelligent routing of payments based on the content of the payments using AI & NLP.
  • Automated file management, reformatting and routing direct to clearing banks or networks.
  • Intelligent and automated payments and statement matching and reconciliation.
  • Connects to any core banking or bank office system with multiple protocols including API.
  • In-built Sanctions and financial crime compliance filter within the Pelican platform enabling regulatory compliance out of the box.
  • Robust Reporting, Dashboard, Analytics.
  • AI Based payment enrichment and data normalization as add on module.
  • Cloud or on premises deployment availability.
  • Provides high throughput / low latency with robust and scalable architecture.

Value Added Components

As part of Digital Payments Hub, Pelican offers several value added components for a bank to have comprehensive and integrated payment processing environment.

Pelican offers Financial Compliance, Open Banking and Financial AI and Analytics components.

Integrated Compliance

Leveraging the Al disciplines of Natural Language Processing (NLP) and Machine Learning, Pelican Secure Enterprise Sanctions Screening is a market-leading financial crime compliance solution.

Compliance Features

  • Sanctions check all your counterparties and payments using Pelican's Al powered sanctions filter.
  • Supports your all existing corporate message and file formats - no need to convert them.
  • Corporate Payments Fraud detection analysing patterns of behaviour to identify fraud.
  • Uses cutting edge machine learning techniques to identify and alert new fraudulent patterns before it's too late.
  • Improve efficiency with significantly reduced false positives.

Pelican Secure Suite

Broad compliance challenges solved

compliance-challenges

The threat landscape for global payments has grown in reach, volume and complexity. Anti-money laundering, sanctions obligations and fraud detection are part of a broad compliance challenge across payments and trade finance. Recent breaches at banks across multiple regions have resulted in severe financial losses and hefty fines due to weaknesses in financial crime prevention controls.

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Financial Crime Compliance features

Pelican Secure is a comprehensive suite of AI-powered Financial Crime Compliance solutions protecting all stages of the payments and transaction lifecycle – comprising four modular solutions covering:

  • Watchlist and Sanctions Screening
  • AML Transaction Monitoring
  • Payments Fraud Detection
  • Trade Digitisation, Automation and Compliance

Open Banking Platform

openbanking01-2

Pelican offers integrated Open Banking solution as a value add component of Digital Payments Hub. Open Banking solution offers connectivity to over 4,000 banks in Europe regardless of the standard they are using. Pelican offers ubiquitous API interoperable platform, where bank can support one standard, while it will have ability to send and receive API calls in multiple standards without impacting any of its back office or expensive one to one API connectivity and associated maintenance challenges.

Instant Payments

Pelican Digital Payments Hub can also provide a standalone Instant Payment processing platform is the in-built real-time payments and compliance functionality.

It allows banks to add immediate payments functionality to their current infrastructure while retaining existing investments in legacy systems, providing quick access to the liquidity and service benefits of real-time transactions without the traditional implementation challenges and costs.

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Real-Time features

  • Supports multiple instant payment schemes for connectivity and payments processing.
  • Integrated with Pelican's compliance filter for real-time payments and FCC solution.
  • Full end -to -end solution with integrated APls.
  • Account mirroring and validation - providing a stand-in mode bridging the gap of core systems which are not 24 x 7 x 365.

Innovative AI Apps (related products)

Seamlessly Integrated Technologies

Innovative Digital Apps

The Pelican Platform is a comprehensive suite of seamlessly integrated technologies including Al, machine learning, natural language processing, real-time communication and open API, which work in unison with a powerful transaction management layer built and refined over the last two decades, incorporating workflows, analytics, cloud and mobile.

These elements combine together to provide an enriched user experience. The Pelican Platform powers the functionality underpinning all Pelican solutions - Pelican Payments, Pelican Secure, Pelican Fast, and Pelican Open Banking and forms the basis of Pelican Innovation Hub.

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The Pelican Innovation Hub brings together all of the modular and tightly integrated payments and compliance solutions. These all utilize the core technologies and capabilities of the Pelican Plat form, including the Artificial Intelligence disciplines of Machine Learning, Natura l Language Processing and Voice; Open API integration; rich Omni-Channel UX; flexible Cloud deployment scenarios; and real-time payments and compliance capabilities.

Our Innovative AI Apps Consist of:

  1. Cash Reporting (AIS)
  2. Financial Health Check
  3. Merchant Pay
  4. POS-Pay BizPay (Invoices, Salary)
  5. BizCollect (TopUps, Collections)

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Transaction Banking Brochures & Datasheets

Please use the Download button below to access the full library of Transaction Banking information resources, including datasheets covering Payments Hub, STP, and Open Banking.

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Related Resources & Information

Article: Innovation in the banking ecosystem—A year of pivotal transformation.

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PelicanPayments: Partnering for success in the digital economy. AI powered payments lifecycle solutions for banks and corporates.

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Solutions: Open banking has arrived. Turning obligation into opportunity.

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