London 18th June – Pelican AI, a leader in innovative financial technology solutions, today announced the launch of its Verification of Payee (VOP) platform for requesting and responding banks. This comprehensive and intelligent solution is designed to enhance the security and accuracy of digital payments by verifying the payee's identity before a transaction is finalized.
In an era where digital transactions are increasingly prevalent, the risk of fraud and misdirected payments has become a major concern for financial institutions and their customers. Pelican VOP addresses these concerns by providing a centralized service that intelligently verifies the payee's name provided by the payer with the name officially registered to the recipient's bank account. This seemingly simple step has profound implications for the security and integrity of the entire payment ecosystem. However, to make this service a success a balance between use of intelligent matching and false rejections should be carefully achieved.
"We are excited to introduce Pelican VOP, a solution that will eradicate the key bottleneck and risk associated with popular instant payments," said Parth Desai, Founder and CEO at Pelican AI. "By verifying payee identity, by intelligently minimizing rejections, we are adding an extra layer of protection against fraud and misdirected payments, safeguarding both financial institutions and their customers. Pelican’s VOP solution built using 15+ years of experience with global banks, along with our Instant Payment solution (iPaaS) will enable banks to jump to the next generation of secure and robust payment processing".
Pelican VOP offers a range of features that streamline operations and enhance security for both requesting and responding banks. These features include:
Pelican VOP is a long awaited accelerator in the world of secure real-time digital payments. By providing a secure, accurate, and efficient way to verify payee identity, Pelican VOP is helping to build a more trustworthy and reliable payment ecosystem.
Pelican AI is a leading provider of innovative financial technology solutions. With a focus on security, compliance, and customer experience, Pelican is committed to helping financial institutions navigate the complexities of the real-time digital age.
For further information please contact:
Pelican Marketing
Tel: +44 208 947 7200
Email: marketing@pelican.ai