EastNets wins banking technology award
Dubai, February 22, 2011
EastNets, a leading global provider of compliance and payments solutions, has won the 2011 Kinetic Process Innovation Award for excellence in the banking technology category.
Now in its 14th year, the awards programme 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 included the solutions’ matching engine enabling rapid identification of anti-money laundering risks while limiting false positives, and direct SWIFT message screening and reporting, a statement said.
“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,” he added.
“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, the statement said.
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, it added.
EastNets en.Reporting solution enables SWIFT Alliance users to benefit from one central view to investigate, monitoring and report all their FIN and XML traffic within one environment, according to the statement. – TradeArabia News Service
More Finance & Capital Market Stories
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit