Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Banks and Corporates Recognise Role of AI in Addressing Inefficiencies in Payment Processing

Published by Gbaf News

Posted on September 28, 2016

6 min read

Last updated: January 22, 2026

Add as preferred source on Google

Customer engaging with digital shopping platform amidst retail changes - Global Banking & Finance Review — This image illustrates a customer navigating a digital shopping platform, reflecting the evolving retail landscape. As consumer behaviors shift due to economic pressures, enhancing customer experience becomes vital for retailers.

92 percent of survey respondents think the industry needs a better understanding of how AI technologies can apply to payments

Pelican, a leading provider of solutions to the financial services sector, today released the findings of its global survey ‘Leveraging artificial intelligence for payments efficiency’, which explores the attitudes of senior payment professionals within banks and corporates towards the use of artificial intelligence (AI) in supporting the payments business and related processes.

The survey of more than 120 payments professionals across 32 countries found that:

92 percent of respondents think the industry needs to gain a better understanding of how AI technologies apply in payments – as opposed to the hype around AI in consumer tech;
72 percent see strong potential for AI to tackle the many inefficiencies present in their payments processing activities;
67 percent believe that the adoption of AI technologies by banks to improve efficiencies in payments will increase significantly in the next two years.

When asked about the business areas that could potentially see the most significant benefits from AI if a solution were able to learn and improve its actions based on previous experience and patterns of behaviour, 63 percent cited the area of sanctions screening, AML and fraud prevention.

The areas of customer retention, message repair and exception handling, payment reconciliation, and payment validation and authorisation also scored highly. In terms of the shortcomings of existing technology used in payments operations, 65 percent noted that payments routing was the area with most inefficiencies.

Parth Desai, Founder and CEO of Pelican, said: “We hope this survey serves as a wake-up call to an industry still relying heavily on manual processes and legacy systems. The need to adopt smarter tools has never been more vital. By using the latest cutting edge AI technology, financial services providers can innovate and significantly reduce time to market. At the same time, they can introduce context and human-like understanding to their payments and compliance processes. This reduces the need for manual intervention, allowing for precious resources to be re-deployed.”

The company is releasing the results of the survey alongside a new discussion paper looking at the value of Intelligent Payments Management (IPM). The report examines the potential of AI, its impact in the financial world and questions why financial services firms and corporates have been slow in adopting this capability.

Pelican enables IPM by combining the AI disciplines of natural language processing, knowledge-based systems and machine learning with a digital knowledge base of transaction banking and compliance issues that has been compiled over the past 20 years. This combination allows Pelican to profile payments with precision and apply intelligent, human-like reasoning to transactions.

Parth Desai concluded: “Not only is today’s bank customer used to getting results in an instant, they are also getting used to seeing AI in many aspects of their daily lives – whether it’s online shopping to viewing TV. By adopting Intelligent Payments Management (IPM), banks and corporates will achieve outstanding levels of efficiency, reduce costs, lower risk and create new opportunities for increased profitability.”

92 percent of survey respondents think the industry needs a better understanding of how AI technologies can apply to payments

Pelican, a leading provider of solutions to the financial services sector, today released the findings of its global survey ‘Leveraging artificial intelligence for payments efficiency’, which explores the attitudes of senior payment professionals within banks and corporates towards the use of artificial intelligence (AI) in supporting the payments business and related processes.

The survey of more than 120 payments professionals across 32 countries found that:

92 percent of respondents think the industry needs to gain a better understanding of how AI technologies apply in payments – as opposed to the hype around AI in consumer tech;
72 percent see strong potential for AI to tackle the many inefficiencies present in their payments processing activities;
67 percent believe that the adoption of AI technologies by banks to improve efficiencies in payments will increase significantly in the next two years.

When asked about the business areas that could potentially see the most significant benefits from AI if a solution were able to learn and improve its actions based on previous experience and patterns of behaviour, 63 percent cited the area of sanctions screening, AML and fraud prevention.

The areas of customer retention, message repair and exception handling, payment reconciliation, and payment validation and authorisation also scored highly. In terms of the shortcomings of existing technology used in payments operations, 65 percent noted that payments routing was the area with most inefficiencies.

Parth Desai, Founder and CEO of Pelican, said: “We hope this survey serves as a wake-up call to an industry still relying heavily on manual processes and legacy systems. The need to adopt smarter tools has never been more vital. By using the latest cutting edge AI technology, financial services providers can innovate and significantly reduce time to market. At the same time, they can introduce context and human-like understanding to their payments and compliance processes. This reduces the need for manual intervention, allowing for precious resources to be re-deployed.”

The company is releasing the results of the survey alongside a new discussion paper looking at the value of Intelligent Payments Management (IPM). The report examines the potential of AI, its impact in the financial world and questions why financial services firms and corporates have been slow in adopting this capability.

Pelican enables IPM by combining the AI disciplines of natural language processing, knowledge-based systems and machine learning with a digital knowledge base of transaction banking and compliance issues that has been compiled over the past 20 years. This combination allows Pelican to profile payments with precision and apply intelligent, human-like reasoning to transactions.

Parth Desai concluded: “Not only is today’s bank customer used to getting results in an instant, they are also getting used to seeing AI in many aspects of their daily lives – whether it’s online shopping to viewing TV. By adopting Intelligent Payments Management (IPM), banks and corporates will achieve outstanding levels of efficiency, reduce costs, lower risk and create new opportunities for increased profitability.”