Pelican partners with SWIFT for cross-border payments
Venerable interbank payments consortium SWIFT is fighting back against non-bank fintech payments disruptors and the growing use of commercial cards. In the latest move, London and Mumbai-based payments solution provider, Pelican has partnered with SWIFT for low-value cross-border payments.
This would enable banks to provide easy, fast, frictionless cross-border payments to consumers and small and medium enterprises and this service is expected to roll out by end of March 2021, according to the press release.
The press release also mentions that this service is built on SWIFT gpi and enables consumers and SMEs to send low-value international payments via their financial institutions. Cost and processing times are known upfront with real-time status updates available to both originator and beneficiary banks.
“Payment systems are undergoing significant innovation and change, as new technology developments and regulation impacts banks, as well as the expectations of their corporate and retail customers. The success of SWIFT gpi, which is used by thousands of banks and carries billions of payments worldwide, will allow efficient transaction processing and full transparency. This provides an opportunity to transform the experience in the SME and consumer payment markets” said Parth Desai, CEO of Pelican.
Pelican is enabling SWIFT low-value payments (SLVP) through SWIFT gpi using Artificial Intelligence (AI) and Natural Language Processing (NLP) techniques, the press note stated.
“SWIFT gpi has already transformed high-value cross-border payments and its success has provided us with an opportunity to bring its many benefits to the SME and consumer payment markets. Working alongside more than 20 financial institutions and vendors, we will enable these customers to make fast, easy, predictable and competitively priced payments all around the world via their banks”, said Carlo Palmers, Head of Payments Solutions at SWIFT.