Payments gateway and financial crime compliance technology provider
The partnership enables London-based Pelican to offer its PelicanPayments and PelicanSecure services in conjunction with Toronto-based Banking Labs technology for artificial intelligence and anti-money laundering tools.
Banking Labs will help market, deploy and support Pelican's services throughout the Canadian market.
“Forming this strategic partnership with Banking Labs means we can together help banks and corporations manage regulatory changes and achieve payments-related operational efficiencies using AI and NLP (Neuro-Linguistic Program), as well as machine learning techniques," Pelican CEO Part Desai said in a Wednesday press release.
Pelican says it has processed transactions for clients in more than 55 countries and often seeks partners that can add to its capabilities in a real-time economy. In addition to London, the company has offices in New York, Amsterdam, Dubai, Mumbai and Hong Kong.
For Banking Labs, the arrangement with Pelican allows it to address a growing need from bank clients that want to automate and streamline payments and compliance processing as a way to improve operational efficiency.
“This is a strategic partnership with Pelican which further strengthens our compliance capabilities to offer sustainable and value-creation solutions to Canadian customers," Ravi Gedela, CEO of Banking Labs, said in the release. "In our view, Pelican’s use of AI and NLP in compliance products is revolutionary.”
