Pelican launches Open Banking API solution to support PSD2 compliance

Highly configurable ‘plug-and-play’ solution will support banks and payment service providers seeking to ensure PSD2 compliance by 2018 

Pelican, a global provider of payments and compliance systems for banks and corporates, today launched its ‘plug-and-play’ Open Banking API solution which adds highly configurable Application Programming Interface (API) management and monetisation capabilities to its award-winning Pelican Platform.

The Pelican Open Banking API solution provides a comprehensive suite of dynamic API capabilities for banks and payment service providers seeking to comply with the revised Payment Services Directive (PSD2), as well as supporting third party providers and developers. It ensures full adherence with PSD2 and Open Banking regulatory mandates to facilitate access to customer account information and payment initiation for authorised third parties.

The sophisticated Pelican Open Banking API solution is fully integrated with the machine learning and natural language processing capabilities of the Pelican Platform. It provides highly functional real-time payments and compliance capabilities for banks, account information service providers (AISPs) and payment initiation service providers (PISPs). It will allow them to explore the enhanced new business models and opportunities presented by PSD2, and enable the rapid deployment of innovative value-added products and services.

Parth Desai, founder and CEO of Pelican, commented, “The emergence of a truly open banking ecosystem is set to dramatically transform how banks and their customers engage and operate. The ability, and obligation, to share payment initiation service and account data with authorised third-parties represents a significant development in the digital transformation of financial services.

“The shift to mobile-first engagement, alongside regulatory driven mandates for open API access, creates dynamic new opportunities for financial institutions to enrich their services and products with new technologies like machine learning and natural language processing. In addition, with the ability to seamlessly integrate existing core banking systems with third-party APIs, the Pelican Platform not only ensures PSD2 compliance but enables organisations to seize the new business growth opportunities provided by the emerging open banking ecosystem.”

Supporting a range of different deployment options and usage scenarios, the Pelican Open Banking API solution is fully integrated with the broad Pelican Platform. Leveraging the company’s extensive experience with the practical application of AI technology, the API integration capabilities span omni-channel customer delivery points, from established platforms such as web and mobile, along with emerging UX interfaces such as voice query and transaction initiation. This makes Pelican an ideal payments innovation platform for banks and financial institutions. All Pelican solutions can be deployed on premise or provided as a secure SaaS application.

Pelican provides banks and corporates with solutions that enhance, streamline and secure the payments life-cycle. With over twenty years of expertise in the practical application of Artificial Intelligence technology to payments and compliance, Pelican partners with its customers to deliver innovative and agile solutions and drive growth. To date, Pelican has enabled outstanding efficiency benefits and increase speed to market for customers in over 55 countries, processing more than one billion transactions worth over US$5 trillion. Pelican is a global company with offices in New York, London, Amsterdam, Dubai and Mumbai.