Surecomp, a leading player in the trade finance industry, and Pelican AI, a global provider of AI-driven financial crime and compliance solutions, have announced a strategic partnership. The collaboration aims to usher in a new era in digital trade-based risk management.
The primary goal of this partnership is to drive the digital transformation of trade-based risk management. Together, they intend to address the ever-growing need for simplified and easily accessible data from trade documents.
Surecomp is a well-established name in the trade finance sector, known for its dedication to facilitating global trade. They aim to streamline the trade finance process, making it more efficient and compliant with industry standards.
Pelican AI, on the other hand, has been at the forefront of applying Artificial Intelligence in the financial sector. With over two decades of experience, they offer solutions that enhance, streamline, and secure the trade lifecycle for banks and corporates. Pelican’s innovative solutions span over 55 countries, processing transactions worth over US$10tn, and they boast a global presence with offices in major financial hubs around the world.
This collaboration promises financial institutions the power of intelligent automation in trade documents, ensuring accurate data extraction and validation from the trade finance process. By using the RIVO™ platform, institutions can enhance trade productivity, diminish risk, assure compliance, and efficiently handle increasing trade volumes. The primary challenge for many financial institutions lies in maintaining regulatory compliance while fostering growth without exhausting resources, and this partnership addresses that concern.
The often complicated, paper-based nature of trade finance demands that scaling up operations while adhering to industry standards necessitates a level of automation that only digital solutions like the ones offered by Surecomp and Pelican AI can provide.
Pelican AI CEO Parth Desai said, “We are pleased to partner with Surecomp, creating a unique combination of proven trade finance and compliance expertise with best-in-class innovation leveraging both Artificial Intelligence and the cloud, while further presenting a major opportunity to support financial services organisations of all sizes.”
“Compliance is probably the number one challenge for banks worldwide and by partnering with Pelican we are enabling them to alleviate the regulatory burden and provide the necessary data and reports on demand,” says Enno-Burghard Weitzel, Surecomp’s SVP Strategy, Digitisation and Business Development.