Italian lender Intesa Sanpaolo has decided to implement Pelican`s AI-based sanctions self-learning solution to support its sanction screening requirements across the globe.
As per the terms of the agreement, Intesa Sanpaolo will go live with PelicanSecure Sanctions Self-Learning before the end of this year.
Earlier, Pelican demonstrated that its AI-based sanctions self-learning solution can classify false positives with high success rate.
Leveraging machine learning and natural language processing, Pelican assess and interpret human actions, to classify and explain the false positives generated by the third-party tools.
It allows bank’s employees to settle false positives quickly.
PelicanSecure Sanctions Self-Learning solution is being implemented as part of Intesa Sanpaolo four-eye control project for sanctions screening – part of a market directive.
Intesa Sanpaolo four eye control project manager Maria Grazia Dassano said: “This is the first project within our bank that employs artificial intelligence, so finding a proven solution from a partner we can trust is key.
“Following a successful proof of concept with PelicanSecure Sanctions Self Learning, it was an easy decision for us to select Pelican. The solution scored highly for compliance accuracy, explanation, auditability and processing capacity, as well as for its intelligent AI-based approach to classifying false positives.”
Pelican founder and CEO Parth Desai stated: “Designed to sit alongside third-party sanctions screening tools, PelicanSecure Sanctions Self Learning will dramatically reduce the time taken to process false positives from third-party systems.
“We are confident that Intesa will find that our technologies far exceed their expectations as we embark on a long-term relationship together to build an industry-leading compliance framework.”