EastNets, a leading global provider of compliance and payments solutions for the financial services industry, has today begun showcasing its cutting-edge compliance, payment and cloud solutions at the inauguration of Sibos 2015. Sibos is the world’s premier financial services event organized by SWIFT for the financial industry. EastNets’ industry experts will attend the three-day event to network with representatives of the financial industry and highlight the competitive edge of the company’s solutions designed to serve the sector. Sibos will run until October 15, 2015 at the Sands Expo and Convention Centre in Singapore.
During the course of the four-day gathering, EastNets will showcase the new and enhanced functionalities of its solutions at Stand D50 of the event’s venue. In particular, representatives from the company will emphasize the importance of data analytics and visualization in compliance solutions, and how this powerful new capability can transform the way financial institutions (FIs) do compliance. This cutting-edge feature is the result of the integration between EastNets’ AML solution and IBM Data Analytics, offering FIs an easier and more effective way to manage their compliance obligations.
Data analytics helps improve compliance by capturing relevant information amidst massive amounts of data. Such a feature allows analysts to quickly collate, analyze and visualize data from various sources, while reducing the time required to identify key data from huge and complex information. It also ensures the detection of key people, events, connections and patterns that might otherwise be missed.
EastNets’ compliance solutions include en.SafeWatch Profiling, which is used for behavior and transaction monitoring; en.SafeWatch Filtering, the watch list screening solution; en.SafeWatch Know Your Customers (KYC); and en.SafeWatch FATCA, a specialized solution designed to help clients comply with the US Foreign Accounts Tax Compliance Act (FATCA).
EastNets has two other areas of solutions servicing FIs. Its payment solutions include en.PaymentSafe, which is a next-generation financial messaging hub; en.TransactionDataRepository, which offers a financial message management system; en.Recovery for lost data disaster recovery; and en.DuplicateDetection, which prevents financial loss through duplicate payment messages. For its cloud-based solutions, EastNets is focusing on its SWIFT-certified service bureau, the en.ServiceBureau.
Hazem Mulhim, CEO, EastNets, said: “EastNets is participating again in this year’s edition of Sibos, considered one of the most significant events for the financial industry, to highlight our enhanced solutions and their new features. We aim to demonstrate that these continuous improvements are reflective of our deep knowledge of the industry and commitment to address its ever-evolving needs through our cutting-edge and modern solutions that are equipped with the latest technological innovations.”
Aside from showcasing its innovative solutions, the company is also hosting an open theatre presentation and a community session. On the first day of the annual conference, exhibition and networking event, the open theatre presentation will focus on advanced analytics and its role in more effective compliance. On the other hand, the community session slated on October 13, 2015 will touch on the importance of having an integrated compliance framework.
Through its SWIFT-certified products, EastNets helps organizations adhere to regulatory requirements and fight money laundering activities. Due to its reliability and easy-to-use advanced features, the AML solution SafeWatch is currently installed on the premises of over 500 financial institutions and corporations worldwide. AML modules use en.SafeWatch Filtering and en.SafeWatch Profiling, which allow clients to stop suspicious transactions that are taking place in real time.