EastNets and Dow Jones Risk & Compliance complete blockchain POC for a leading UK-based bank to provide secure real-time watchlist updates
Source: Edelman DABO for EastNets , Author: Posted by BI-ME staff
Posted: Tue October 9, 2018 1:29 pm

UAE. EastNets, a leading provider of compliance, payment and cloud solutions and Dow Jones Risk & Compliance (DJ), a global leader in data intelligence, have completed a Proof of Concept (POC) to provide organizations with near real-time updates of watch lists over blockchain.

The POC which was conducted for a leading UK-based financial institution achieved higher levels of accuracy and security in the watchlist update activity, and consequently, in the watchlist screening process as a whole.

Using blockchain technology, financial Institutions globally can get real-time and secure watchlist updates to further mitigate compliance risk. When such updates are available from DJ, they are published to the blockchain network and are made available to customers who join the network.

Such updates to the network would immediately result in updating all EastNets SafeWatch Filtering installations. In business terms, this means updating instantly the lists for all business units of financial institutions; whether these units are geographically dispersed branches, or different functions and lines of businesses.

The new blockchain network will be a private permissioned blockchain to meet the requirements of the financial industry. Hyper-Ledger Fabric Blockchain is used in the POC to provide an enterprise level private-permissioned and strict-accessed ledger, to support selective data distribution and to provide a modular architecture that can scale.

"The new blockchain network automates list updates and eliminates manual processes, thus providing higher security by making the updates tamper-proof and by making watchlist updates available to organizations using en.SafeWatch Filtering once published by Dow Jones Risk & Compliance with a high return on their investment by eliminating lengthy update processes explained Hazem Mulhim, CEO EastNets.

Guy Harrison, Managing Director, Dow Jones Risk & Compliance said: "The results from combining powerful technologies as in the case of EastNets blockchain network on top of its en.SafeWatch Filtering Screening Solution with world-class quality data like Dow Jones” Risk & Compliance” Sanction Alerts offering are magnificent. Such combination, on top of the previously provided effective screening and low false positive rates, offers now higher levels of security in a faster and more efficient manner.

Customers who join the network will be able to carry out integrity checks to ensure that updates to the blockchain network have been properly reflected to their en.SafeWatch Filtering solution thus benefiting from the high speed, security and non-repudiation that the service will offer.

EastNets is targeting Q1 2019 as a go-live date for rolling out the new blockchain network and having the financial institutes globally benefit from this service.

Photo Caption:  Hazem Mulhim, CEO EastNets

About EastNets
EastNets is a leading global provider of compliance and payment solutions for the financial services sector. Over the past 35 years, EastNets has established its distinctive expertise developing and implementing standardized and individual solutions for the fight against financial crimes, as well as those for risk management, monitoring, analysis, reporting, and state-of-the-art consultancy and customer support. Over 750 customers, including some of the largest financial institutions in the world, rely on EastNets’ solutions and professional services, and over 270 corporate and financial institutions have turned to EastNets for outsourced SWIFT connectivity and compliance software solutions, made available through its fully managed service bureaus. EastNets is a global company with regional offices across more than a dozen major cities, supported by a large network of strategic international partners.

About Dow Jones
Dow Jones Risk & Compliance is a global provider of third party risk management and regulatory compliance solutions.  Working with clients across the globe, Dow Jones Risk & Compliance have created products and services to help companies evaluate third party risks faster and with more confidence. Dow Jones Risk & Compliance deliver research tools and outsourced services for on-boarding, vetting and investigation to help companies comply with anti-money laundering, anti-bribery, corruption and economic sanctions regulation in mitigating third party risk.  With a global team of expert researchers, flexible delivery options and enriched third party risk data, Dow Jones Risk & Compliance suite of compliance solutions empower compliance professionals to quickly and efficiently reduce risks while conserving limited resources.

 

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