Bank of Montreal (BMO) has implemented a new payment analytics, intelligent automation and straight-through processing (STP) solution developed by AI technology solutions provider Pelican.
Dubbed Pelican Intelligent Financial Hub – STP, the new solution will offer enhanced infrastructure and operational payment capabilities to bank and its customers.
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BMO’s customers will now benefit from higher STP rates enabling payments to be processed more quickly and reach beneficiary accounts faster, Pelican said.
Pelican founder and CEO Parth Desai said: “With the ever-increasing processing volumes and innovation in payments, banks need the right mix of technology to offer advanced and intelligent payment processing, as well as innovative solutions to improve their unique capabilities.
“BMO made the right decision for its customers by choosing to invest in its core payment infrastructure. The benefits will be seen for years to come.”
Pelican was selected BMO as a part of its North American payment modernisation initiative which also looks to shift payment industry to high-value payments.
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By GlobalDataBMO Financial Group Enterprise Payments Modernisation head Derek Vernon said: “Pelican has delivered a comprehensive, intelligent, and cost-effective payment enrichment solution that will improve the STP rate, resulting in a reduction of overall manual repairs and a decrease in operational costs.
“Most importantly, it will further enable our commitment to continuous innovation. Pelican’s solution meets both current and future business and technology requirements and will help us quickly evolve future capabilities.”
Pelican’s solution is designed to continuously enhance straight through processing. It enables financial institutions to target over 95% rate in their STP capabilities. In addition, it can support both current and future SWIFT message formats.
In 2019, Italian lender Intesa Sanpaolo implemented Pelican`s AI-based sanctions self-learning solution to support its sanction screening requirements across the globe.
