BNY Mellon has selected Pelican AI’s Secure Sanctions Self-Learning Optimisation (SSLO) solution to improve efficiency in the global sanction screening capabilities of its treasury services business.
As a provider of artificial intelligence (AI)-powered payments and financial crime compliance solutions, Pelican AI successfully completed a proof of concept to demonstrate that its AI-based solution will reduce false positives that require time-consuming operations investigations with a high success rate.
The Pelican Secure SSLO solution will utilise third-party screening tools and AI technologies (such as machine learning and natural language processing) to analyse transactions already flagged by the global bank’s existing sanction screening tools.
This is particularly important as financial institutions face increasing penalties and reputational risk in cases of non-compliance with sanctions screening, while simultaneously under pressure to enhance processing speed and efficiency.
Matthew Wells, head of global markets, issuer services and treasury services operations at BNY Mellon, comments: “This is an important project within BNY Mellon Treasury Services’ compliance operation that is leveraging AI to improve operational efficiencies without compromising regulatory needs and simultaneously safely removing friction from the payments landscape for our clients.”
He continues: “This solution provides full control in this critically important part of the payments value chain. We believe that this is the start of a long-term relationship with Pelican and look forward to working closely to optimise our operations in the area of sanctions screening and payments.”
Parth Desai, founder and CEO of Pelican AI, adds: “Pelican SSLO is designed to integrate with and complement existing sanctions screening tools, and dramatically reduce the time taken to process false positives from existing compliance systems.”
“We are confident that BNY Mellon will find that our technologies far exceed expectations as we embark on a long-term relationship together to build operational excellence in the areas of compliance and payments.”
