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Intesa Sanpaolo Selects Pelican for AI-Based Sanctions Screening

59244394df998478fd005a73_Pelican-editPelican (pelican.ai), a global provider of AI-powered payments and financial crime compliance solutions for banks and corporates, today announced that leading Italian bank Intesa Sanpaolo, is implementing Pelican's AI-based sanctions self-learning solution, PelicanSecure Sanctions Self-Learning™. Pelican was successful in a competitive proof of concept – demonstrating a high success rate for classifying false positives. The AI solution, to be used by the bank to support global sanction screening, is expected to go live before year end.

PelicanSecure Sanctions Self-Learning employs advanced AI technologies to analyse transactions that have been flagged for investigation by the bank’s third-party sanction screening tools. Pelican uses machine learning and natural language processing to understand and interpret human actions, helping to classify and explain the false positives generated by the third-party tools. This allows staff to resolve false positives much more quickly – reducing inefficiencies and freeing up valuable resources.

Maria Grazia Dassano, Four Eye Control Project Manager at Intesa Sanpaolo said: “This is the first project within our bank that employs artificial intelligence, so finding a proven solution from a partner we can trust is key. Following a successful proof of concept with PelicanSecure Sanctions Self Learning, it was an easy decision for us to select Pelican. The solution scored highly for compliance accuracy, explanation, auditability and processing capacity, as well as for its intelligent AI-based approach to classifying false positives. This is the start of a long-term partnership with Pelican and we look forward to working closely to streamline our operations around sanction screening and regulatory compliance, both now and in the future.”

Parth Desai, founder and CEO of Pelican commented: “It is a great privilege to welcome Intesa Sanpaolo, one of Italy’s most respected banks, as a Pelican customer. Designed to sit alongside third-party sanctions screening tools, PelicanSecure Sanctions Self Learning will dramatically reduce the time taken to process false positives from third-party systems. We are confident that Intesa will find that our technologies far exceed their expectations as we embark on a long-term relationship together to build an industry-leading compliance framework.”

Fines issued by OFAC (the US Department of the Treasury’s Office of Foreign Assets Control) for failure to comply with sanctions are significant. Over the last decade many banks across the globe have been fined for compliance failures, with the highest penalties exceeding several billion dollars. The shortcomings of existing rule-based sanction screening systems, and the shortage of expertise in this area, means the cost of compliance has become extremely high. As this continues to grow it poses a heavy burden for banks in a competitive market.

PelicanSecure Sanctions Self-Learning is a mature and industry-proven solution that works with a range of existing third-party screening tools. At Intesa Sanpaolo it is being deployed as part of their four-eye control project for sanctions screening – part of a market directive. The underlying Pelican AI technology platform which uses machine learning and natural language processing, has been live across a number of global banks for several years processing over one billion transactions worth over US$5 trillion.

About Pelican

Pelican has pioneered the practical application of AI technology to enhance, streamline and secure the payments life-cycle and ensure financial crime compliance. With over twenty years of payments domain experience and AI expertise, Pelican is uniquely placed to deliver innovative and agile solutions – partnering with customers to drive consistent and sustainable growth in today’s real-time economy. To date, Pelican has enabled outstanding efficiency benefits and increased 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, Mumbai and Hong Kong. .

or more information, visit www.pelican.ai

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Sarah Mason
Metia Ltd
+44 (0) 20 3100 3163