Financial crime monitoring software provider Pelican AI said on October 14 that it was upgrading its platform for a major Indian public-sector banking client. The company described the customer as India's largest multinational public-sector bank but did not independently identify the bank in the announcement.
According to Pelican AI, its adaptive monitoring system reduced the client's rate of false-positive alerts from about 75% to 14% over roughly two years. These are vendor-reported results for one bank's particular system and data, not a guarantee of similar performance at other financial institutions.
The company said work on the updated platform had advanced through customer testing, with production rollout targeted for October. The commercial announcement did not constitute an independent audit of the bank's anti-financial-crime outcomes.