The global payments landscape is changing dramatically following the adoption of ISO 20022 and the standardisation of message structures for all types of payments, including low-value, high-value, cross-border, and instant payments. It is expected that by 2026 most of the large global currencies and economies will be transacted using ISO 20022 standards. These ISO-based messages will simplify transaction processing with greatly reduced format translations and associated friction in processing payments.
However, they do enable the sending of much larger amounts of data compared to the various current proprietary formats, with banks now being able to access more information and data - to read, understand, interpret, leverage, and monetise. Unfortunately, a lot of this data will remain unstructured and in free text format, which legacy applications can struggle to adapt to.
With the new standardised message formats, payment transaction processing will become a commodity and the only way banks can compete with fintechs and other banks would be through ease of use, new products and services, less friction in processing payments and better customer service (i.e. delight to customer). That’s why getting a grip on transaction data - and the ability to offer innovative and value-added products and services using this data - will be key to fight the competition, gain market share and increase revenues.
Pelican AI's Financial AI Hub is an advanced component-based solution using various Artificial Intelligence (AI) techniques such as Natural Language Processing (NLP), Machine Learning (ML), and Knowledge Base techniques to read, understand, normalise, interpret and analyse huge volumes of structured and unstructured data.
This in turn generates business insights and recommendations on customers, products, and operations to improve payments operations such as significant reductions in manual efforts, improved automation and very high STP rates. You can then use normalised data to tag or categorise various payments such as salary, remittance, trade, F/X, vendor payments and compare it against its peer to provide additional insight to customers via personalised recommendation. In addition normalized data will also allow better compliance with low false positive rate.
This enables the monetisation of data by offering new products and services with new or increased revenue, and makes significant operational efficiencies which leads to better customer service and growth.
New Innovative Products and Services
Offer new products and services based on insights and recommendations.
Launch and maintain new products quickly with customised pricing by customer, currency, region or correspondent. This reduced time to market allows banks to leapfrog the competitors with improved customer satisfaction.
Improve process efficiencies with 98% STP Rates
Payments enrichment and auto-routing offers optimisation to reduce manual and chargeback costs and reduced exception times, inquiries and investigation cost.
Key features of our Financial AI Hub
ISO 20022 payments messages contain large amounts of data. Banks need to leverage ISO and legacy data to succeed.
Use AI for insights and optimisations
Pelican applies various AI techniques such as NLP and ML for better use of data and to improve customer experiences.
Leverage payments data normalisation for better regulatory compliance and payments optimisation.
Enrichment & categorisation
Payment data enrichment such as bank codes, ISO country code, IBAN and smart routing, categorise various payments and transaction data.
Insights and recommendations
Analyze and generate insights and recommendations, and generate recommendations.
Leverage customer, product and operational insights to create new products and value propositions.
Apply AI and Data
Financial AI Hub offers various AI techniques based solutions in five key areas of payments and accounts information transactions processing:
- Payments analytics & monitoring
- Insight and recommendations
- Process optimisation
- Improved customer experience
- Prescriptive actions
The above five pillars of financial AI Hub are complemented by other digital technologies using API and cloud platforms with an intuitive user experience, providing your customers with an agile and omnipresent solution delivering hyper-personalised products and services.
Data Insights using AI is useful for a wide variety of use cases that help drive revenue, cut costs and reduce risk, including:
- Churn prevention
- Next best action based on inflow and outflow
- Price optimisation
- Customer Lifetime Value
- Up-selling and cross-selling personalised products
- Predictive resourcing
- Customer segmentation
- Expense and income forecasting
- Improved lending decisions
Our tools enable banks to provide an intelligent customer experience that is personalised and engaging.
This is delivered through an omnichannel experience across desktop, mobile, and voice environments.
AI-enabled personalisation enables banks to understand specific customer needs and to deliver relevant value and services. This deepens relationships and creates trust, which in turn delivers customer engagement and loyalty.
Personalisation can be used to inform customers, guide them, advise them, and demonstrate that the bank cares about the customer.
- Strengthens relationships and loyalty
- Delivers distinction
- Provides a competitive advantage
- Creates trust
- Deepens customer engagement
- Delight to customer
Optimise payment processes
Combining over two decades of payments domain experience with unrivaled AI expertise, Pelican’s payments processing platform uses advanced techniques for matching free format text, improving message repair, and delivering a reduction in exceptions raised.
The Pelican STP solution is able to perform intelligent, complex repairs across multiple fields in multiple message formats. Business workflows can be configured to determine the least-cost network for payment delivery or the fastest route, depending on requirements.
- Modular STP solution, supporting any payment type at any stage of the payments life-cycle.
- Highest STP rates using AI and Natural Language Processing (NLP) to undertake complex payment repairs.
- Content-based auto-routing, based on business objectives - lowest cost / fastest route.
- Self-learning module - learning from operator repairs to keep STP rates continually high.
By reducing manual intervention and inquiry and investigation costs.
By reducing chargeback costs, increased STP rates allow improvement in margins.
Detailed reporting gives you the ability to charge for non-compliant payments. Along with new product creation, this allows you to increase revenue.
Timely market products
In a competitive world, the ability to create new products using insights and data in a timely manner is key to success.
Improve customer experiences
By processing customer payments faster and sending confirmation and statements on time, it allows for better cash visibility which improves the customer experience.
Proactively informing customers of improvements or reduced costs helps to meet their expectations and increases loyalty.
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Related resources & information
Article: ISO 20022 is all about data: How can you leverage it?Learn More >
Article: Payments Transformation: How AI can improve efficiencies and experienceLearn More >