Pelican unveils PelicanFast for real-time payments processing and compliance

Pelican unveils PelicanFast for real-time payments processing and compliance
23.02.2017 11:00 am

Pelican unveils PelicanFast for real-time payments processing and compliance


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.

Related News

One in three UK consumers in favour of increasing contactless spending limit

One in three UK consumers (32 percent) would like to see a further increase of the current £45 contactless spending limit, according to a YouGov survey of more than 2,000 UK... Read more »

VibePay sets sights on growth with integration of more UK banks and new business accounts

VibePay is continuing on its ambitious path of growth, with the integration of more UK banks and payment providers via open banking, and a business account... Read more »

PayNearby announces partnership with Sub-K Impact Solutions; enables access to loan repayment options through its retail network

India’s largest agent banking platform, PayNearby is happy to formally announce its partnership with Sub-K Impact Solutions Ltd (Sub-K), a leading player facilitating loans,... Read more »

Banking Circle secures five finalist places at 2020 Emerging Payments Awards

Banking Circle, the financial infrastructure provider to Payments businesses and Banks has secured 5 finalist slots in the 2020 Emerging Payments Awards.... Read more »

Starling, TranSwap and Remitr among first wave to sign up to Currencycloud Spark

New solution provides global multi-currency accounts to Fintechs and FIs

Read more »

Tinkoff launches charitable scheme ‘Cashback to Give Back’

Tinkoff is happy to announce the launch of its new charitable scheme Cashback to Give Back. The aim of the project is to help get... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel