16 November, 2011 - EastNets, a leading provider of global compliance and payment solutions and services, announced today that Intesa Sanpaolo Group has rolled out its en.SafeWatch Profiling anti-money laundering (AML) solution to meet compliance regulations and improve defenses against counter terrorist financing and money laundering. The en.SafeWatch Profiling solution is already live at Intesa Sanpaolo United Kingdom and is currently being rolled out in nine branches in Europe and Asia. 

With 5,500 branches Intesa Sanpaolo is the Italian market leader and has a strong international presence focused on North, Central Europe and the Mediterranean basin.

During the project implementation, EastNets cooperated with Servitia, an Intesa Sanpaolo Group firm that works as a leading global service provider.

The en.SafeWatch Profiling transaction monitoring solution will serve as the central data processing engine for pattern analysis and suspicious behavior identification at Intesa.  The roll-out of en.SafeWatch Profiling will be completed next month.

“Since 2010 Intesa Sanpaolo UK Branch and International Subsidiary SEB of Luxembourg s have been using en.SafeWatch Profiling, and we have been very pleased with the ease of use and the results of the solution. When the time came to expand our AML coverage, EastNets’ proven track record in the market as well as our firsthand experience with the solution made EastNets the most obvious choice to strengthen and expand our AML coverage and protection” said Stefano Cabianca, AML International Officer at Intesa Sanpaolo.  “We have been particularly impressed with the solution’s Zone Concept that enables strict segregation of information pertaining to each branch for automated detection routing, whether on individual servers, or in our case, one combined server that will lower our maintenance and operational costs.”

“We are delighted with Intesa Sanpaolo’s choice to expand money laundering controls across its European branches with EastNets en.SafeWatch Profiling solution,” said Hazem Mulhim, CEO, EastNets. “Our success thus far, and Intesa Sanpaolo’s subsequent selection of EastNets for future implementations, is a testament to the superior quality of our solution offering and implementation team.”

Intesa Sanpaolo has rolled out en.SafeWatch Filtering for their Filtering operations involving a client database of over 60 million accounts and more than 100,000 messages per day. en.SafeWatch Filtering provides real-time blocking, supporting all lists including OFAC, EU and PEP, and is SWIFT Application Ready. Intesa Sanpaolo Group has been previously using en.SafeWatch Filtering in its Foreign Branches before going live in Italy this month.

EastNets provides technology and support to launch cross-border mobile money Remittance

30 October, 2011

EastNets, the leading global provider of compliance and payments solutions and services, has announced that it has recently signed an agreement with the Qtel Group to provide the technology platform and expertise to support the regional and global rollout of the Qtel Group’s mobile money services across key markets, enabling international remittance globally.

EastNets will provide the full infrastructure needed to host Qtel’s “mobile wallet” service, running the entire operation of the hosted services through a primary site in Dubai and a Disaster Recovery (DR) site in Bahrain. Mobile Network Operators (MNOs) will connect to the primary and DR sites through a secure VPN Connection. Qtel’s mobile wallet service allows customers to use their mobile phone accounts to send money, top up their credit, make payments and transfer airtime to friends and relatives. Mobile wallet will be hosted through EastNets’ Service Bureau, an outsourcing and managed services platform that is used by over 250 customers globally, including the top regional banks, to access the SWIFT Network.

EastNets will also deliver compliance and anti-money laundering (AML) solutions to the  Qtel Group through the en.SafeWatch Profiling as a Service (PaaS). en.PaaS provides a robust, effective and easy-to-use transaction and customer monitoring solution that is configurable and flexible to adapt to new risks and regulations.  en.PaaS serves as the central data processing, trend analysis and suspicious behavior identification engine to identify unusual activity. The solution includes advanced customer and account profiling, risk score management and peer group analysis, know your customer (KYC) controls, case management and regulatory reporting. EastNets’ Profiling as a Service solution is designed to provide organisations of all sizes the ability to meet regulatory requirements without the need for expensive hardware, technical staff and the assurance of constant access. PaaS is a replica of EastNets’ en.SafeWatch Profiling solution in that it provides monitoring of both customer static and dynamic data and runs computations against customizable scenarios and customer/account profiles to determine where unusual behavior may lie.

“Building on EastNets’ robust technology platform, Qtel will be able to create exciting possibilities for their customers, while making it a lot easier to conduct secure and reliable financial transactions through the mobile wallet service. The launch of this groundbreaking financial solution reaffirms EastNets’ commitment to service excellence and complements our ongoing efforts to strengthen our strategic partnerships worldwide,” said Hazem Mulhim, CEO of EastNets.

The partnership is in line with the Qtel Group’s Mobile Money strategy, which is being undertaken in collaboration with EastNets and other suppliers. The new mobile solution enables subscribers to simply use their mobile phone to trigger a cross-border money transfer transaction in an easier, cost-effective and more convenient way compared with traditional approaches.

EastNets is headquartered in Dubai and manages 16 offices across Europe, North America, the Asia-Pacific, and the Middle East. Through EastNets Service Bureau, an outsourcing and managed services platform that enables institutions to access low-cost and secure automated matching technology, EastNets services over 1,000 customers in 120 countries, including 22 of the top 50 global banks. EastNets is a major partner of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Dubai, UAE - 21 September 2011 - EastNets, a leading provider of global compliance and payment solutions and services, announced today that Intesa Sanpaolo is now live with its en.SafeWatch Filtering solution to meet regulatory requirements and improve anti-money laundering (AML) and counter terrorist financing (CTF) controls.

Intesa Sanpaolo is the leading banking group in Italy with over 5,500 branches serving about 11 million customers. en.SafeWatch Filtering provides Watchlist filtering operations involving a client database of over 60 million accounts, and more than 100,000 messages per day.

During the project implementation, EastNets cooperated with Info group, an Intesa Sanpaolo Group firm that works in the IT industry, primarily for banks and insurance companies. That collaboration led to a commercial agreement that allows to make joint offers, which include also Info group personnel consulting or EastNets products and services sales into Italian, Greek, Maltese and Canton Ticino markets.

“Intesa is very pleased to have deployed EastNets premier and market-leading en.SafeWatch Filtering solution, used today by over 400 customers in 80 countries,” said Stefano Cabianca, AML International Officer at Intesa Sanpaolo. “We chose en.SafeWatch Filtering because it offers a robust solution for OFAC/PEP screening, that will help us to ensure compliance with the evolving AML requirements. In addition, the solution’s highly sophisticated matching engine ensures rapid identification of potential risks while limiting false positives, thereby saving our compliance team substantial time and money.”

“We are very pleased with Intesa Sanpaolo’s selection and subsequent deployment of EastNets,” said Hazem Mulhim, CEO, EastNets. “With en.SafeWatch Filtering, we help Intesa Sanpaolo ensure compliance with AML laws and regulations, reduce workload with reduced false positives, and improve operational efficiencies.”

Intesa Sanpaolo Group has also recently selected EastNets en.SafeWatch Profiling AML solution to meet compliance regulations and improve defenses against counter terrorist financing and money laundering. The solution is already live at Intesa Sanpaolo United Kingdom Branch and International Subsidiary SEB of Luxembourg with plans to roll out en.SafeWatch Profiling across nine branches in Europe and Asia. en.SafeWatch Profiling provides customer and account monitoring and profiling, risks coring, peer group analysis, case management and regulatory reporting. Intesa Sanpaolo Group has been previously using en.SafeWatch Filtering in its Foreign Branches before going live in Italy this month.

EastNets to outline key features of en.MoRe application during Sibos 2011in Canada

September 19, 2011

EastNets, a global provider of compliance and payment solutions, has announced that it has obtained the SWIFTReady – workers remittance conformance label for 2011.

en.MoRe is the first application in the workers’ remittances program offering a mobile remittance functionality where it demonstrated a real time remittance between a Telco operator and a receiving bank .

“The SWIFT certification for the en.MoRe mobile remittance solution validates EastNets’ commitment to deliver great-value solutions that satisfy the needs of our customers. en.MoRe is particularly important in Europe, Middle East and Americas as it will benefit millions of migrant workers who regularly conduct remittances to their home countries. EastNets will leverage its network of Mobile Operators globally to allow the maximum number of people to take advantage of this genuinely convenient, fast and secure mobile remittance solution,” said Hazem Mulhim, CEO, EastNets.

A partnership agreement was signed earlier this year with BICS (Belgacom International Carrier Services) to provide mobile money transfer services to millions of migrant workers worldwide. BICS operates an international network, with over 550 direct connections, including more than 250 routes to mobile operators, in more than 170 countries.

The first pilot implementation of the en.MoRe mobile remittance solution was completed successfully in cooperation with BICS starting the first Mobile Money Transfer corridor between Qatar and Pakistan.

EastNets will present case studies and discuss the impact of Mobile Money Transfer in changing the developing communities during its participation at Sibos 2011. Mobile Money is becoming an essential part in the everyday life of people in Africa and Asia, and is considered to be the fastest growing technology after social media.

Sibos 2011 will take place from September 19-23, 2011 at the Metro Toronto Convention Centre (MTCC), Canada. Organized annually by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the operator of the renowned worldwide SWIFT financial messaging network, the conference gathers banking and financial experts and leaders from around the world to network, do business and talk extensively about financial fraud and other key industry issues.

More information on Sibos 2011 and EastNets’ participation can be viewed at http://www.sibos.com/.

World’s top financial services summit to feature EastNets portfolio of anti-fraud, profiling & mobile remittance solutions

September 12, 2011

Hazem Mulhim

EastNets, a leading global provider of compliance and payments solutions and services, will discuss the best strategies and technologies for preventing, detecting and addressing financial fraud during the 2011 edition of Sibos, the world’s premier financial services event. The company will deliver a presentation entitled ‘Emerging Fraud Challenges’ on the fourth day of the summit that will cover the latest fraud threats, trends and methods faced by Europe as well as the rest of the world.

Running from September 19 to 23, 2011 at the Metro Convention Centre in Toronto, Canada, this year’s Sibos conference will once again gather banking and financial experts and leaders from around the world to network, do business and talk extensively about key industry issues such as fraud prevention. Sibos is organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the operator of the renowned worldwide SWIFT financial messaging network.

“Financial fraud has been growing in complexity over the past few years as criminal elements take advantage of a recovering global economy. Sibos is an important platform to identify and promote the best approaches to anti money laundering and other illegal financial transactions, and EastNets is very eager to present its own detection and prevention solutions in full support of the global fight against fraud during the event. We also want to learn more about the unique challenges faced by Financial institutes globally we serve so that we can come up with more effective anti-fraud solutions,” said Hazem Mulhim, CEO of EastNets.

During its presentation, EastNets will describe how organized criminal groups travel throughout Europe, identify security gaps and target new territories. The company will emphasize developments in areas such as hardware and software updates, cross-border cooperation and structured initiatives against fraud.

EastNets will also showcase the capabilities of en.SafeWatch Anti-Fraud, a system that provides real-time protection against fraud. The solution accurately detects credit card, wire and internet fraud and can perform real-time blocking actions to protect institutions against fraud losses. It can be easily configured to suit the operational  and cost requirements of adopters. The en.SafeWatch Anti-Fraud system is seamlessly integrated with EastNets anti-money laundering systems currently used by over 400 financial institutions in 80 countries.

EastNets also now features an internal fraud module, taking care of employee behavior within a financial institution. The company’s anti-fraud solution is also equipped with dynamically populating dashboards that offer the possibility to monitor and visualize incidents as they happen. It also covers incidents that may happen with a pre-paid portfolio.

Other EastNets services to feature at Sibos 2011 are the best-selling en.SafeWatch Profiling anti-money laundering system and the en.MoRe Mobile Remittance solution for secure and compliant mobile money transfer. More details on Sibos 2011 and EastNet’s participation in the event are available at http://www.sibos.com/

EastNets, a leading provider of global compliance and payment solutions and services, conducted a series of presentations in Jordan last month at the Sheraton Hotel that introduced compliance officers and managers from various local banks to en.SafeWatch Anti-Fraud, a fraud prevention solution that provides real-time credit card, wire and Internet fraud detection and prevention.

During the event, Paul Buelens, Head of Compliance, discussed the latest anti-fraud trends and technologies and gave a demonstration of en.SafeWatch’s features and capabilities. The sessions were well-received by the audience, who actively participated in the event.

The en.SafeWatch Anti-Fraud solution seamlessly integrates with EastNets award-winning anti-money laundering (AML) solutions currently in use by over 400 financial institutions and companies in 80 countries. Its built-in database of AML and anti-fraud scenarios helps users to detect and prevent fraud in real time, thus minimizing revenue losses for financial institutions.

Paul Buelens is head of product management, compliance products with EastNets. He has more than 18 years of experience in financial crime investigations and was previously a security and risk leader for MasterCard Worldwide, coordinating and supporting banks and law enforcement agencies with cross border fraud investigations.

For more information on EastNets Anti-Fraud Solution contact us today.

Hazem Mulhim

Dubai, UAE - EastNets, a leading provider of global compliance and payment solutions and services, has announced that the Bank of Jordan has implemented EastNets’ en.SafeWatch Filtering and en.SafeWatch Profiling anti-money laundering (AML) solutions.

Bank of Jordan, which was founded in 1960 and is headquartered in Amman, is one of the largest local commercial banks in Jordan. The bank also owns a variety of distribution outlets, including a network of 89 branches and offices, and a network of 120 ATM systems across Jordan and Palestine, in addition to electronic distribution channels that include phone banking, internet banking, mobile banking, and short message services (SMS). Bank of Jordan is using EastNets’ AML solutions in order to enhance its internal procedures to adhere to the strict financial regulations and instructions being imposed by the Central Bank of Jordan’s Anti-Money Laundering and Terrorism Financing Unit. 

“Bank of Jordan has selected EastNets’ premier anti-money laundering solutions due to its knowledgeable and highly responsive implementation team as well as the flexibility and ease of use of the solutions,” said Saleh Rajab, CEO, Risk and Compliance Dept., Bank of Jordan. “With en.SafeWatch solutions, our bank will have a user-friendly and robust anti-money laundering environment without undermining the level of services offered to clients.”

“EastNets is pleased to add Bank of Jordan to our growing roster of customers. With the implementation of EastNets anti-money laundering solutions, we look forward to helping the Bank of Jordan enhance risk protection, improve anti-money laundering controls and ensure full compliance with Central Bank regulations,” said Hazem Mulhim, CEO, EastNets.

en.SafeWatch Filtering provides a central monitoring point for automated AML checking of an organization’s financial traffic across all data formats, while en.SafeWatch Profiling is a central data processing, trend analysis and suspicious behavior identification engine. en.SafeWatch Profiling supports advanced customer and account profiling, risk score management, critical point identification and peer group analysis, know your customer (KYC) controls, case management, and regulatory reporting. Bank of Jordan joins more than 400 major financial institutions in over 80 countries that are currently using EastNets AML solutions

Dubai, UAE – 22 February, 2011    EastNets, a leading global provider of compliance and payments solutions, announced today that it has received the 2011 Kinetic Process Innovation Award for excellence in the Banking Technology category.  Now in its 14th year, the awards program recognizes excellence in information technology and this year is sponsored by High Tech Views, an online publication that spotlights technology innovation.

EastNets was selected by a panel of experts based on its en.SafeWatch Filtering solution for OFAC, PEP and SWIFT message screening, and en.Reporting solution for FIN/XML message monitoring being used at Bermuda Commercial Bank.  The business benefits that were most impressive to the judges included the solutions’ robust matching engine enabling rapid identification of anti-money laundering risks while limiting false positives, and direct SWIFT message screening and reporting.

“The Kinetic Process Innovation Award not only recognizes outstanding technology and the creative implementation of that technology, but also acknowledges EastNets extensive awareness of critical compliance and transactional risks involved in banking today,” said Drew Barrows, deputy editor of High Tech Views. “EastNets clearly takes an approach that focuses on the technical challenges at hand and demonstrates its strong commitment to protect the integrity and safety of the financial systems.”

“The Kinetic Process Innovation Award is an excellent recognition that honors superior applications for their business effectiveness,” said Hazem Mulhim, CEO of EastNets. “We are delighted to be receiving this award based on the benefits and value Bermuda Commercial Bank has derived from our anti-money laundering and SWIFT reporting solutions.”

EastNets en.SafeWatch Filtering solution is used today by over 400 financial institutions in 80 countries providing robust sanctions screening to ensure compliance with OFAC regulations, mitigate financial crime and meet anti-terrorist financing guidelines. en.SafeWatch Filtering offers real-time blocking, provides NACHA IAT screening capabilities, supports all sanctions lists, and provides direct SWIFT message screening. Its highly sophisticated OFAC screening and filtering engine ensures rapid identification of potential risks while limiting false positives, thereby saving substantial time and money. en.SafeWatch acts as the central monitoring point for all financial traffic, irrespective of data format and where it may reside. It is rapidly deployable and offers seamless integration with existing systems.

EastNets en.Reporting solution is used today by over 180 customers, enabling SWIFT Alliance users to benefit from one central view to investigate, monitoring and report all their FIN and XML traffic within one environment.

 EastNets Obtains Leadership Position Compared to Niche AML Watchlist Screening Vendors

Hazem Mulhim

Dubai, UAE – 16 December, 2010    EastNets, a leading global provider of compliance and payments solutions, has announced that it has been ranked 41st in the latest RiskTech 100 survey released by Chartis Research. EastNets was one of 100 technology firms selected for the annual study which evaluates the global market for risk management systems.

The annual Chartis RiskTech 100 report is recognized as the most comprehensive and prestigious study of the top technology firms involved in the risk management market. EastNets was evaluated under six criteria including functionality, core technology, organizational strength, customer satisfaction, market presence and innovation. The rankings were determined after evaluating responses from 351 risk and technology vendors.

“We are delighted to be ranked for the second consecutive year in the Chartis RiskTech100 survey for global risk technology companies,” said Hazem Mulhim, CEO of EastNets. “This most recent distinction further strengthens our position as a world-class provider of risk management solutions, and reflects our commitment to developing and delivering premier solutions that better protect our clients against financial crime and operational risk.”

“We are also pleased to note EastNets ranking leads other niche vendors in the sanctions screening space. EastNets continues to build momentum with its Compliance Solutions, specifically with its market leading en.SafeWatch Filtering solution selected by over 10 new financial institutions since September,” added Hazem Mulhim.

EastNets solutions profiled in the Chartis questionnaire include its Compliance Solutions: for multi-channel fraud prevention, anti-money laundering compliance and filtering for PEP, Sanctions and OFAC; and Resilient SWIFT Solutions:  for FIN/XML traffic reporting and analysis, FileAct reporting and search, SWIFT Duplicate Detection, and outsourced SWIFT connectivity.

Hazem Mulhim

Dubai, UAE – 14 November, 2010 - EastNets, a leading provider of global compliance and payment solutions and services, has deployed its en.PaymentSafe solution to integrate Cairo Amman Bank’s major banking modules with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial messaging network. 

Founded in 1960, Cairo Amman Bank operates a network of branches in Jordan and Palestine, and was the first bank in the world to use the Iris Recognition print for identity verification. Web integrator is a messaging solution to link core banking modules with SWIFT thus enabling local and branch users to monitor, reject and authorize SWIFT messages. The Cairo Amman Bank project involved the deployment of the en.PaymentSafe’s mapping engine, web interface, Biztalk integration and mailer capabilities and took only four months to complete.

Web integrator which is a sub module of “en.PaymentSafe” product reinforces Cairo Amman Bank’s reputation as a technology leader within its market. This service will enable our client to maximize SWIFT’s resources and assure its own customers of the highest levels of financial messaging speed, reliability and security,” said Hazem Mulhim, CEO, EastNets.

en.PaymentSafe uses Microsoft BizTalk Server as middleware to connect back office data sources and applications using a wide variety of technical interfaces in the communication layer like WebSphere MQ, Database, Flat file, TCP/IP sockets.

“The compliance and payments integration challenges facing banks such as Cairo Amman Bank demand the most comprehensive, reliable and secure delivery of financial messaging using the SWIFT format and network.  EastNets’ en.PaymentSafe on the Microsoft BizTalk Server platform provides the unique solution Cairo Amman Bank and other financial services firms need to quickly integrate essential payments and compliance processes,” said Karen Cone, general manager, Worldwide Financial Services, Microsoft.

Microsoft BizTalk consolidates all message traffic and offers end users a consistent view of messages from a variety sources with a single access mechanism. It also offers powerful tools to facilitate the implementation of new standards and business processes without affecting legacy systems. The extensive data mapping capabilities of Microsoft BizTalk Server can be used to create SWIFT or other standard financial messages from non-standard data extracts.