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Pelican Partners with Banking Labs to bring AI-based payments and compliance to Canada

Source: Pelican

Pelican, a leading provider of payments and financial crime compliance solutions for banks and corporates, today announced that it has signed a partnership agreement with Banking Labs in Canada.

The strategic partnership will enable Pelican, experts in Artificial Intelligence (AI), Natural Language Processing (NLP) and Machine Learning technologies, to bring its PelicanPayments and PelicanSecure payments and compliance solutions to the financial services industry in Canada. Banking Labs, based in Toronto, is an established and well-respected technology services provider using AI & ML for payments, audit, FATCA, sanctions and AML solutions and services. It will market, sell, help deploy and support Pelican’s solutions in the Canadian market.

Parth Desai, CEO of Pelican commented: “We are excited about the potential for our payments and compliance solutions in 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, as well as machine learning techniques.”
Dr Ravi Gedela, CEO of Banking Labs stated: “This is a strategic partnership with Pelican which further strengthens our compliance capabilities to offer sustainable and value-creation solutions to Canadian customers. In our view, Pelican’s use of AI and NLP in compliance products is revoutionary.”

Corey Gill, Chief Operating Officer at Banking Labs stated: “We see a growing need from banks for technology that can automate and streamline their payments and compliance processing and to significantly improve operational efficiencies. Pelican stood out in comparison to other vendors globally given their focus and proven expertise in this area, along with their existing experience in the Canadian market. We are very enthusiastic about the potential for Pelican’s solutions in Canada and are already engaging with a number of local banks to discuss the benefits of the technology.”

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