EastNets has announced that it has signed a Distributor Agreement with CounterpartyLink (CPL), a provider of global client, counterparty and issuer legal entity reference data, whereby EastNets will now make CPL’s legal entity reference data available via its portal or direct distribution to its clients.
EastNets enables its customers to handle confidential transactions in an efficient and effective way. It is engaged in the provision of payment and security solutions primarily for the financial, corporate and government sectors in Europe, the Middle East and Africa.
CPL collects and verifies the detailed information on legal entities including corporations, governments and funds, from centres around the world, using primary sources and registration documents, consistent with the stringent standards and practices required by current risk management and regulatory compliance legislation. This information is made available on a subscription basis to its clients.
“Organisations are now under increasing pressure to conform to regulatory standards, which require them to properly categorize and assess the risk from clients and financial counterparties. The legal entity and reference data provided by CPL provides clients with a comprehensive understanding of their counterparties and customers. We are delighted to strengthen our partnership with CPL and provide our advanced solutions that boost our regional presence and enhance regional information security,” said Hazem Mulhim, Chief Executive Officer, EastNets.
EastNets has been supporting the entry of counterparty data to CPL databases since 2005, and hosts CPL databases and systems on its Dubai-based Service Bureau. EastNets co-provides the CPL reference data services either by portal or by direct distribution, and will capitalize on this partnership to launch a web-based portal application for the financial community that will include CPL reference data.
Christoph Lammersdorf, CEO, Counterparty Link, added: “We are delighted to work with EastNets as a distributor with a particular focus and significant financial services client base in the Near and Middle East and elsewhere. We look forward to supporting them in their exciting plans to roll out new information products and distribution technologies in these regions. We seek partners that can assure us of the highest levels of service, reliability and integrity - which we found in EastNets. EastNets will help us attain our mission of providing complete and accurate reference data to the global securities industry.”
“Our partnership with CPL forms part of aggressive efforts to expand our business portfolio, highlighted recently by our acquisition of SIDE International. We are confident that the country’s government, financial and banking institutions will be highly interested in how our products and services, particularly the secure financial messaging network operated by SWIFT, can radically improve the level of security of their transactions,” concluded Mulhim.