Pelican, a provider of payments and compliance solutions, has launched a new fraud prevention solution, powered by artificial intelligence (AI), to combat fraud threats and the vulnerabilities facing SWIFT and wire payments.

The platform, dubbed PelicanSecure Fraud Prevention, can intelligently monitor, analyse, detect and prevents attempted fraud breaches, the company said.

The solution, which is aimed at addressing key vulnerabilities in the payment life-cycle, has the ability to learn complex patterns of behaviour and to identify and flag subtle anomalies that are indicative of fraud.

Additionally, the solution can also improve operational efficiency, reduce costs through the reduction of ‘false positive’ rates, and mitigate reputational risk, the company claims.

The solution is available as a stand-alone service, or as a modular part of the overall PelicanSecure suite that includes integrated and advanced fraud, AML and sanctions screening services.

Pelican founder and CEO Parth Desai said: “Our twenty-years of experience in the payments, SWIFT and correspondent banking world, together with our extensive AI pedigree, places Pelican in a unique position to understand these challenges and to pioneer the practical application of artificial intelligence into compliance and the payments life-cycle.

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By GlobalData

“The PelicanSecure Fraud Prevention solution is perhaps the most powerful demonstration of how intelligent technology can keep banks and businesses one-step ahead of the growing global threat of payments fraud.”