EastNets earns high ranking in Chartis RiskTech100® report for third consecutive year

EastNets, a leading global provider of compliance and payments solutions and services for financial institutions and corporates, has been ranked 37th in this year’s edition of the RiskTech100 report released by Chartis Research, a leading research and advisory services firm focused exclusively on the risk technology market. Earning a high ranking for the third consecutive year, EastNets jumped four places higher from its 41st position in last year’s survey. The company was one of the 100 technology firms chosen for the annual study, which seeks to provide a more in-depth analysis of the global market for risk management systems.

“We are very honored to be ranked highly again in this year’s Chartis RiskTech100 report. Being included in the list for the third consecutive year is testament to the strong vote of trust and confidence given to us by our channel partners, vendors, distributors and customers,” said Hazem Mulhim, CEO, EastNets. “Many regions are currently witnessing an increased demand for strategic and highly reliable risk management solutions and services. Aiming to address this demand, we are looking to leverage our broad portfolio of products and solutions across various industry verticals in the region. We remain steadfast in our commitment to develop and provide our customers with new technologies that not only gives them the confidence and security of being protected against risk but also help achieve more productivity and increased efficiencies in their operations.”

EastNets provides Anti-Money Laundering (AML), Anti-Fraud, payment and transaction management solutions, and SWIFT plug-ins to add value to SWIFT connectivity for improved risk protection, transparency and cost controls. EastNets is one of the world’s largest SWIFT Service Bureau providers, with more than 250 clients.

About Chartis Research
Chartis is the leading provider of research and analysis covering the global market for risk management technology. Our goal is to support enterprises seeking to optimize business performance through better risk management, corporate governance and compliance. We help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on the broad spectrum of risk technology offerings. RiskTech100® is a Registered Trade Mark of Chartis Research Limited. For more information, visit www.chartis-research.com. Chartis Research is authorised and regulated by the Financial Services Authority (FSA).

My First Laptop! - In the spirit of the season, EastNets would like to ask you to Join this cause and help spread the word about it ... we all can make a difference!

My First Laptop

EastNets CEO Hazem Mulhim at a recent visit to Palestine

As part of our Corporate Social Responsibility activities, EastNets is now a proud sponsor of Netketabi.

The objective of the Netketabi initiative is to give Palestinian children tools for personal growth and development and a window to the world of today by enabled self-empowered learning.

The NetKetabi initiative believes in the power of education and the importance of technology in education, and to change the future of Palestine to a brighter and prosperous one.

Your contribution to meet the goal of investing in 280,000 laptops is important and will help build a better future for Palestine. One laptop is only $280 - this will help give one child in Palestine his/her first laptop computer.

If you are interested to learn more about this project, or would like to donate money, EastNets will be happy to assist. You can contact us via marketing@eastnets.com.

Please Join our cause at: http://www.causes.com/causes/642755-my-first-laptop , help us spread the word!

Transaction Monitoring & Profiling

Transaction Monitoring & Profiling

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Fraud in a Disaster Environment

March 2011: Article by Paul Buelens – EastNets Head of Compliance

The recent large scale disaster that struck Japan confirmed that the criminal mind is always ready, looking for eventual possibilities to hit no matter in what circumstance or timeframe.

While inhabitants are still desperately seeking through debris to collect valuables organized crime groups and low life looters are beating them to it. This really shocked Japanese society that is high on moral code and core values but highlighted the influence and presence of organized crime on the islands. Scavenging for personal as well as any financial documents that can be used to have access to bank accounts, influence mortgages or other loans. Misusing this collected data trying hard to open new accounts and to immediately redirect them elsewhere. Once these accounts are setup they are instantly used to transfer “launder” money recovered from different crimes. This dirty money is ready to be re-invested in other crimes or to purchase real estate in luxurious places, claiming genuine ownership at a later date.

It’s a bit early to evaluate the actual damage caused but I do hope that the financial institutions have the right and updated AML tools in place to be prepared for a surge in re-activating dormant accounts and a large amount of new accounts with instant address changes and serious money transfers.

Additionally we see that an unusual increase of phishing mails being sent out targeting Japanese companies and individuals, mainly coming from neighboring Asian countries. The problem is that the ISP (Internet Service providers) doesn’t take any initiatives to combat these phishing scams and there is no coordinated efforts between law enforcement agencies around the world to do so. Phishing has a huge financial impact. But not only through ISP’s but also by using the well known and commonly used social networks.

Fake charity or donation sites, installed with malware are pushed out for personal gain so the bottom-line is to be sure to know where your money is going to before you hit the submit button.

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Real-Time Fraud Prevention

en.SafeWatch Anti-Fraud from EastNets provides accurate, real-time credit card, wire and Internet fraud detection and prevention to protect your financial institution against fraud losses.

en.SafeWatch Anti-Fraud is seamlessly integrated with EastNets top ranking anti-money laundering (AML) solutions used today by over 400 financial institutions and corporates in 80 countries. This integrated compliance framework enables financial institutions to aggregate data and processes across fraud and AML silos to improve business insight and streamline operational efficiencies.

More at: http://www.eastnets.com/Solutions/Fraud_Prevention.aspx

EastNets en.MoRe (Mobile Remittance Solution)

EastNets en.MoRe

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EastNets partners with Qtel Group for Regional and Global rollout of groundbreaking Mobile Money Remittance

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).   

EastNets Amman office extends support to needy children

As part of its ongoing corporate social responsibility efforts, EastNets’ Amman office recently donated 300 winter jackets to orphan children aged between 6 and 12. Staff members from the Amman office made generous contributions to cover the entire cost of making the jackets available to these needy children. This thoughtful and timely gesture by EastNets ahead of the cold winter months complements the company’s long term commitment to cater to the needs of the communities it operates in. It also reflects the willingness of the company’s staff with regard to supporting humanitarian and social causes. 

If you are interested to learn more about our corporate social responsibilities, please let us know or visit our website at:  http://www.eastnets.com/AboutUs/CSR.aspx