EastNets introduces SwiftReady anti-fraud tools

Source: EastNets

EastNets, a global provider of compliance and payments solutions and services for financial institutions and corporates, announced the introduction of its new fraud solution delivering real time fraud prevention and management to meet the growing threat of online, ATM, wire and credit card fraud.

The new anti-fraud offering, en.SafeWatch Fraud, is part of EastNets' comprehensive enterprise compliance management framework, offering financial institutions a single integrated environment to improve risk protection, meet global regulatory requirements, and streamline operational efficiencies to increase profitability.

"The requirements to provide faster payments and seamless STP, while improving the speed and convenience of customer services, can introduce new vulnerabilities and risks to financial institutions, including fraud. Accurate real-time prevention and risk assessment are vital to help financial institutions identify fraudulent activity and block transactions to immediately protect against fraud losses," said Hazem Mulhim, CEO of EastNets.

"We are pleased to be introducing a new fraud solution that complements our anti-money laundering solutions used today by over 350 customers. EastNets' combined portfolio of solutions can now help our customers and financial institutions benefit from an integrated enterprise compliance and risk environment."

"Convergence toward a unified framework for both compliance and fraud systems, by combining processes and technologies, creates an opportunity for financial institutions to benefit from improved risk control, reduced complexity and a more cost-effective enterprise risk and compliance environment," said Neil Katkov, Senior Vice President of Celent's Asia Research Group.

"With EastNets' proven experience and significant global customer base for its real time watchlist filtering and anti-money laundering solutions, the addition of a fraud offering takes EastNets to the next level to help financial institutions effectively manage risk and compliance across their enterprise."

EastNets' en.SafeWatch Fraud solution provides real time SWIFT-ready fraud prevention and management, monitoring multiple sources across multiple channels and regions. en.SafeWatch Fraud, prevents online, ATM,nline, ATM, wire and credit card fraud, and is seamlessly integrated with EastNets' top ranking anti-money laundering solutions (AML) for real time watchlist and sanctions filtering, and suspicious activity monitoring and detection. EastNets' enterprise compliance management framework, encompassing its anti-fraud and AML solutions, also includes Know Your Customer (KYC) controls, robust case management, regulatory and management reporting, risk assessment and scoring, and enables financial institutions to aggregate data and processes across fraud and AML silos. Over 1,000 clients in 120 countries work with EastNets solutions to improve risk protection, streamline operational efficiencies, and meet global regulatory demands.

As with EastNets' watchlist filtering and customer profiling solutions, the new fraud solution offers multiple data source connectors to easily adapt to a financial institution's specific business processes including:

  • SWIFT Alliance Connector

Delivers seamless integration with your existing SWIFT environment through attaining a "SWIFT Ready Application" label from SWIFT; ensures real time fraud monitoring of both incoming and outgoing SWIFT messages and immediately prevents the emission of suspicious messages into the SWIFT Network.

  • File Connector

Scans transactions stored in data / transaction files irrespective of their size and formats. It ensures quick and powerful scanning by offering optimizations like parallel scanning, which allows multiple scan processes and batch checking. The flexible configuration of this connector allows en.SafeWatch Fraud to work with almost any file format imaginable.

  • MQ-Series

Provides transaction screening facilities to MQ-compatible external systems, such as core banking or middleware applications. This module uses IBM MQ-Series middleware to enable communication between the external system and the en.SafeWatch Server.

  • Web Services

Provides transaction screening facilities by means of Web Services to integrate and communicate with external systems, such as core banking or middleware applications.

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