Intesa Sanpaolo signs Pelican for self-learning sanctions solution
The Pelican system was selected by the bank following a proof of concept phase the vendor describes as “competitive”.
Pelican says that its software uses “machine learning and natural language processing to understand and interpret human actions,” helping to classify and explain false positives generated by third-party tools.
Maria Grazia Dassano, four eye control project manager at Intesa Sanpaolo, says that it was “an easy decision” for the bank 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.”
Parth Desai, founder and CEO of Pelican, adds: “We are confident that Intesa will find that our technologies far exceed their expectations as we embark on a long-term relationship together.”
“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.”
Founded in 2007 as the result of a merger between Banca Intesa and Sanpaolo IMI, Intesa Sanpaolo ended 2017 with €796 billion in total assets and €7 billion in net equity. The bank operates 5,843 branches.