The launch of PelicanPay gives fintechs and TPPs pan-European market access through a single-API – dramatically streamlining the onboarding and payments process
LONDON – 1 June 2018 – Pelican Group today announced the launch of PelicanPay (PelicanPay.com), a new subsidiary company established to provide European-wide PSD2 connectivity, payments and financial crime compliance services. PelicanPay offers API Interoperability for fintechs and regulated Third Party Providers (TPPs) seeking a quick and efficient way to provide Payment Initiation and Account Information services across Europe.
PelicanPay’s OpenBanking Hub will enable pan-European access to around 6,000 banks via a PelicanPay API, as well as via PelicanPay versions of popular APIs such as the UK’s OBWG, France’s STET and Berlin Group. The platform will take care of all the technical and regulatory complexity of API connectivity – handling all API conversions and bank connectivity discreetly in the background. As a result, it will allow fintechs and TPPs to focus on delivering their core proposition to customers, helping them exploit the enormous growth opportunities provided by an Open Banking environment.
Fintech firms looking to enter the payments market will be able to use PelicanPay to get speedy access to regulated PSD2 Payment Initiation and Account Information services. Similarly, regulated TPPs using PelicanPay’s Interoperable API payment gateway, can gain significant efficiency and operational benefits from accessing a European-wide market of up to 500 million potential customers through a single API of their choice – removing the complexity of supporting multiple national or proprietary APIs across the continent.
Headquartered in London, PelicanPay will operate as a separate business within the established Pelican Group focusing on regulated payment services, alongside parent company Pelican which is a global provider of payments and financial crime compliance solutions to banks and corporates. An API Interoperability and Open Banking platform will also be of particular interest to established banks (ASPSPs) seeking to become a TPP or those that have a requirement to offer multiple API standards. Organisations can register today for the API Hub Beta programme providing access to the full suite of PelicanPay APIs.
Parth Desai, founder and CEO of Pelican and PelicanPay, commented, “Regulatory mandates for open API access are part of the wider digital transformation of payments. The shift to mobile-first, customer centric digital engagement creates dynamic opportunities for both new and established financial institutions to offer exciting and engaging products. PelicanPay uniquely addresses one of today’s key challenges by providing a truly pan-European API Interoperability platform. By launching PelicanPay, we are enabling fintechs, TPPs, and also ASPSPs, to reach up to 500 million customers across the continent through a single popular API.”