Pelican partners with CMSoft to boost TBML detection solution in South Korea

Pelican, a provider of payments and financial crime compliance solutions for banks and corporates, says it has expanded its global sales reach by partnering with CMSoft Co in South Korea.

The strategic partnership will enable Pelican, which specialises in artificial intelligence (AI), natural language processing (NLP) and machine learning technologies, to bring its PelicanSecure Trade Compliance solution to the financial services industry in South Korea.

Advanced TBML solution

Nearly three years ago, Pelican launched what it described as an advanced trade-based money laundering (TBML) detection solution.

Incorporating several AI features, Pelican claims its TBML technology provides end-to-end security and compliance along the complete trade transaction cycle (Trade Based Financial Crime, 10 May 2017).

Marketing drive

CMSoft, a supplier of compliance software including audit and AML solutions and services in Seoul, will market, sell and help deploy and support the solution in the local market.

Pelican’s PelicanSecure Trade Compliance solution utilises AI, NLP, machine learning and imaging technology to digitise paper-based documents and automate the subsequent trade compliance workflow.

The solution provides sanctions screening, document data consistency checks and red flag alerts, with the aim of reducing reliance on manual effort, improving efficiencies and making trade operations and compliance more cost-efficient.

Categories: Trade Based Financial crimes News

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