After adopting OCI, Eastnets relied on Oracle Blockchain to develop its ChainFeed solution, which transformed a process that was manual, untimely, and risk-prone into a fully automated, secure, and real-time cloud service.
Oracle Blockchain allowed Eastnets to gain real-time updates of granular sanctions information stored in an immutable ledger. Whenever a new update was made to watchlist, ChainFeed would send an event notification to each of the supported banks, enabling the anti–money laundering system to pull the required updates immediately and record an audit record indicating that the update was applied by a specific bank. ChainFeed helps financial institutions avoid the risk of delays with instant sanction list updates and real-rime list loading.
Oracle Blockchain platform’s distributed-ledger technology works without interrupting clients’ regular operations. Each entity within a client’s organization works from the same version of the AML/CFT watchlist, eliminating errors and inconsistencies in versions and the need to perform manual reconciliations. Also, the platform’s granular permissions and cryptographics prevent unauthorized access to the system.
Most importantly, with Oracle’s distributed and immutable ledger, any update on the blockchain is time-stamped and can be traced to its origin, saving time and money while also eliminating manual reconciliations during audits. This eliminated human intervention and lag time in fulfilling valid transactions while also instantly updating the watchlist on the company’s screening engine.
