Global payment and fraud prevention provider Pelican is bringing its faster payments system to the North America market after working within the European SEPA Instant Payments scheme last year.
Pelican says its PelicanFast system will help banks adopt real-time payments in the U.S. as the concept continues to develop through initiatives from the Federal Reserve and Nacha.
PelicanFast represents add-on technology so that banks and corporations do not have to overhaul or replace existing core banking systems that are not always online and cannot respond to high volumes of requests coming rapidly into a network, the company said in a Tuesday press release.
“While there is currently no regulatory obligation in the U.S. to adopt real-time payment capabilities, the need to innovate and enhance legacy batch capabilities for today’s dynamic digital market is very much an essential for banks who wish to retain market share and capture new customers," Parth Desai, founder and CEO of Pelican, said in the release.
“The new tech entrants with innovative real-time capabilities threaten to significantly disrupt the traditional slow-moving payments infrastructures and processes," Desai added. "American customers, both business and consumer, increasingly expect real-time banking and payments services."
PelicanFast uses interoperable modules for payments and fraud detection, making them available individually or combined and adaptable to multiple real-time payment schemes. The solution can be deployed on-site or provided as a secure hosted cloud service.
Pelican operates out of offices in New York, London, Dubai and Hong Kong.