By Parth Desai
AI technology of Machine Learning and Natural Language Processing offers intelligent, automated financial transaction management and financial crime compliance solutions – reducing costs, increasing revenue and improving efficiency.
True human intelligence is difficult to replicate. Very difficult. The so-called Turing test, developed by British computer scientist Alan Turing in 1950, is a test of a computer’s ability to perform intelligent behaviour indistinguishable from that of a human. Seventy years after Turing defined this test, making computers behave like humans in this general sense remains extremely challenging, but in narrower specific domains it can and has been achieved, with real-world daily applications in finance and financial crime compliance.
AI technology is heuristic and knowledge-based - relying upon domain specific information to make decisions just as we humans do. This is how software using AI disciplines such as Machine Learning and Natural Language Processing (NLP) operate. In the financial domain, we now have message processing systems which can read, understand and apply domain-based context to information in free format natural language form to undertake the required actions. They can also learn from user interaction to self-learn to improve and minimise the need for such interaction in the future. Also, as the systems have a full understanding and context of the action, they can fully explain any decisions or actions taken.
Pelican has used our AI pedigree and expertise to work with banking and corporate clients for over two decades, providing AI based, intelligent, automated financial transaction management and financial crime compliance solutions. Our AI-powered modular platform empowers organisations with intelligent, self-learning solutions that simplify and automate the entire payments and transactional workflow – reducing costs, increasing revenue and improving efficiency for clients in over 55 countries around the world.
Using AI and NLP to contextualise financial messages, incoming and outgoing payments can be translated, reformatted, repaired and routed with human-like reasoning and systemic efficiency — while providing end-to-end visibility and control.
In a global payments environment that is increasingly real-time, the ‘nice to have’ efficiency gains provided by AI solutions in the past, are now more than ever ‘essential’ technology requirements for businesses requiring high levels of straight through processing and real-time fraud detection and compliance assurance.
Providing truly intelligent, automated exception handling that eliminates manual repairs, with real-time lowest-cost payment channel route selection, any-to-any connectivity across all channels, and all the while accurately and efficiently screening against all relevant sanctions lists and fraud detection has resulted in AI technology being the proven and essential business enabler.