SWIFT and Pelican collaborate for money transfer service

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Pelican, a provider of artificial intelligence technology, will work alongside financial messaging provider SWIFT to offer low-value money transfers to banks working with both small firms and retail customers.
  • The new tool will see the companies work together to offer transparency around fees and greater efficiency when it comes to sending money abroad.
  • The firms will use other sophisticated technology to power the tool, such as Natural Language Processing.

A leading artificial intelligence tech company has announced a new collaboration with the well-known global financial messaging service SWIFT.

Pelican said that it will work with SWIFT to offer a new tool for those who make low-value cash transfers around the world.

The tool, which is scheduled to launch at the end of next month, is expected to be targeted at financial services institutions dealing with retail customers and small firms.

There will be several key benefits associated with the new tool.

One is that all the institutions in the chain will be able to see the status of the payment in real time.

Another is transparency – all the participants in the service will be able to see how much they will need to spend on fees, and how long the transaction will take.

The service will only cater to payments that are low value in nature.

According to press information from the two firms, SWIFT and Pelican will rely on other sophisticated technology to power the tool in addition to AI.

These include Natural Language Processing techniques.

The new tool will be able to work either as an integrated product or as a separate system.

In a statement, Pelican’s chief executive officer Parth Desai described the move as relevant and useful to the big changes happening in the payment systems world.

Desai pointed out that both firms and individuals who use banks and banking services are changing their “expectations” as a result.

“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,” he said.

He went on to emphasise the two key benefits of the new SWIFT gpi-powered tool – namely transparency and efficiency.

“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.”

He added that customers would see a real change in how they made cross-border payments.

“This provides an opportunity to transform the experience in the SME and consumer payment markets,” he said.

A SWIFT spokesperson also emphasised what SWIFT gpi had done so far in this space.

Carlo Palmers, who serves as head of payments solutions, said that the firm was looking forward to building on its existing work.

“SWIFT gpi has already transformed high-value cross-border payments,” he said.

To discover more about the providers working hard to make the online money transfer sector as strong as possible, just visit our reviews pages.


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