Pelican, a provider of payments and financial crime compliance solutions for banks and corporates, has announced that it has signed a partnership agreement with Banking Labs in Canada.

The strategic partnership will enable Pelican, experts in artificial intelligence (AI), natural language processing (NLP) and machine learning technologies, to bring its PelicanPayments and PelicanSecure payments and compliance solutions to the financial services industry in Canada. Banking Labs, based in Toronto, is a technology services provider that uses AI and ML for payments, audit, FATCA, sanctions and AML solutions and services. It will market, sell, help deploy and support Pelican’s solutions in the Canadian market.

“Forming this strategic partnership with Banking Labs means we can together help banks and corporations manage regulatory changes and achieve payments-related operational efficiencies using AI and NLP, as well as machine learning techniques,” said Parth Desai, CEO of Pelican.

“We see a growing need from banks for technology that can automate and streamline their payments and compliance processing and to significantly improve operational efficiencies,” said Corey Gill, chief operating officer at Banking Labs. “Pelican stood out in comparison to other vendors globally given their focus and proven expertise in this area, along with their existing experience in the Canadian market.”