Pelican, a global provider of payments and compliance systems for banks and corporations, today launched PelicanFast, a real-time payments and compliance solution for organisations participating in the pan-European Instant Payments scheme of the European Payments Council.

PelicanFast combines both payments processing and compliance assurance services, incorporating real-time AML, sanctions screening and fraud prevention, and enables businesses to make national and international credit transfers across 34 European countries. Pelican is part of the ‘Frontrunner service providers’ list introduced by EBA Clearing to help European financial institutions identify service providers that can assist early adopters connect to EBA Clearing’s pan-European real-time payment infrastructure. 

PelicanFast allows banks to add the functionality required to handle immediate payments while retaining their existing investment in internal legacy systems that are often ill-suited to the demands of real-time processing.

Parth Desai, founder and CEO of Pelican, commented: “The Pelican payments and real-time compliance service is unique in the way it uses the AI discipline of natural language processing to provide the highest levels of compliance, whilst still ensuring all validations are conducted within the strict processing time limits dictated by real-time schemes. Using PelicanFast, banks can gain quick access to the liquidity and service benefits of real-time transactions, avoiding the traditional implementation headaches and costs associated with a major systems overhaul.”

Erwin Kulk, Head of Service Development and Management at EBA Clearing, added: “Frontrunner service providers are important contributors to the Europe-wide roll-out of instant payments since they enable connectivity to our pan-European infrastructure solution from the launch date in November this year. Their support is a major element of the significant industry effort required to make instant payments a reality for European businesses and consumers.”

PelicanFast comprises modules for real-time payments processing and real-time compliance assurance which are available individually or combined and are adaptable to suit the needs of multiple real-time payment schemes. The solution can be deployed on premise or provided as a secure hosted cloud service.