Pelican, SWIFT partner to low value cross-border payments service

The new service will enable banks to provide cross-border payments for consumers and SMEs and is expected to be ready by end of March 2021. The costs and processing times will be known upfront, and the real-time status will be available to both originator and beneficiary banks.

Pelican is enabling SWIFT low value payments through the SWIFT gpi using Artificial Intelligence and Natural Language Processing techniques. Pelican performs validation and payment data enrichment to boost straight-through processing at both sending and receiving banks and to facilitate processing within a prescribed service level agreement. Payment data enrichment ensures that the correct BIC, IBAN validation, and enrichment, as well as other bank codes, are provided so that there is no human intervention required. This facilitates fully automated end-to-end straight-through processing and enables timely execution of international payments.

According to the press release, Pelican’s plug-in solution can be deployed as a part of the Pelican payment processing or as a stand-alone solution with other payment systems. Pelican allows banks to either access its solution in the cloud or deploy it on their premises, based on the bank’s existing payment architecture.