LONDON, June 21, 2017 /PRNewswire/ -- Based on its recent analysis of the global payments life cycle market, Frost & Sullivan recognizes Pelican with the 2017 Global New Product Innovation Award. Pelican is strategically tapping the abundant opportunities in the evolving payment ecosystem with its artificial intelligence (AI)-enabled, end-to-end payment solution. The platform boasts a high-end, configurable user interface that can be adapted to different scenarios for fraud monitoring and offers both mobile and tablet support. The rich technology, along with a flexible business approach and constant improvements to the solution, gives Pelican a distinct edge in the payments arena.
Pelican's platform is format-agnostic and can process many types of digital transaction file formats. As it is based on a robust architecture that supports updates and process improvements, it can be easily integrated into legacy systems. Furthermore, its ability to handle a large number of digital payment transactions in real time has made it attractive to major financial institutions and payment networks such as the Germany-based Commerzbank and the US-based Union Bank.
"Pelican is one of the first companies to incorporate AI mechanisms in the end-to-end payment process. It has included natural language processing, a knowledge-based system, and machine learning algorithms to strengthen fraud detection and better align with global regulations," said Frost & Sullivan Jean-Noël Georges, Global Program Director. "This smart approach positions Pelican as a visionary developer of fraud detection and anti money laundering solutions."
Pelican's fraud prevention solution safeguards payments transmitted over multiple networks including SWIFT's, a global provider of secure financial messaging services for more than 11,000 financial institutions in more than 200 countries. The company has achieved a number of major certifications and accreditations from various regulatory bodies. More specifically, SWIFT certified Pelican as a trusted third party, and the company earned further accreditations from TRUSTe and ISO 27001 (information security management system standard).
"Pelican's AI-based platform manages multi channels and protocols in real time and shortens response time, improves the quality of fraud detection and better anticipates new threats," noted George. "By being format agnostic, it can process all existing and future sources of digital payment data. It also employs AI algorithms to reduce false positive rates (FPRs) by 72%, in turn, lowering the need for human intervention and ensuring that payment processes are made in near real-time."
Pelican's platforms can be deployed on-premise, or provided as a secure cloud-based service that creates a more flexible pricing structure for the client. Its customer-focused product development efforts and foresight in incorporating AI in the product design have placed it among the top contenders in the market and positioned it for rapid growth.
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leverage leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it gives customers, which in turn raises customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Pelican provides banks and corporates with solutions that enhance, streamline and secure the payments life-cycle. With over twenty years of expertise in the practical application of Artificial Intelligence technology to payments and compliance, Pelican partners with its customers to deliver innovative and agile solutions and drive growth. To date, Pelican has enabled outstanding efficiency benefits and increase speed to market for customers in over 55 countries, processing more than one billion transactions worth over US$5 trillion. Pelican is a global company with offices in New York, London, Dubai and Mumbai.
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SOURCE Frost & Sullivan