AI is powering innovation in the correspondent banking industry. Historically, it has enabled auto-correction in payments processing — in particular complex cross-border payments — which are prone to errors and manual intervention. Banks routinely deal with a variety of errors made by customers when they initiate payments from typos in routing numbers and misplaced IBANs to the selection of an incorrect payment rail. As a result, payment repairs and investigations typically account for 75% to 80% of the labor- intensive part of a payment processing operation. Recently, advanced AI is enabling banks to differentiate themselves in terms of time to market, correspondent bank selection, and customized pricing.
To find out more, please submit the form to download a free copy of Celent’s report.
Built for simplicity and scale, our purpose-built suite allows a 70% reduction in payment processing costs, real-time compliance, significantly reduced fraud, and improved customer experiences. Explore our purpose-built API platform.
Copyright © 2023 Pelican / ACE Software Solutions Inc. All rights reserved. | Privacy Policy.