EastNets strengthens its investment in Artificial Intelligence; launches new solutions to combat fraud, money laundering at Sibos

EastNets, a leading global provider of compliance and payments solutions for the financial services industry will showcase real-time solutions that can detect and combat money laundering and payment fraud at Sibos 2018, the global financial services networking event organized by SWIFT. As part of their participation, EastNets will also showcase SWIFT’s global payments innovation (gpi) service that can help banks offer their customers high-speed cross-border payments with end to end tracking, transparency on bank fees and FX rates (Foreign Exchange), ultimately allowing the bank to credit payments to end beneficiaries within minutes, even seconds.

Sibos, the annual conference and exhibition taking place at the International Convention Centre (ICC) in Sydney between 22 & 25 October 2018, connects more than 8,000 executives, decision makers and thought leaders from across the industry.

At the show, EastNets will showcase its flagship solution SafeWatch PaymentGuard (ENPG). ENPG is a unique Artificial Intelligence (AI)-powered anti-fraud solution that responds to the growing sophistication of financial criminals and the declining utility of conventional financial crime solutions. (ENPG detects and acts on fraudulent SWIFT payments based on machine learning capabilities. The solution constantly optimizes the accuracy of its models, sorting out genuine transactions from suspicious ones and reduces the number of false positives. Ultimately, the high efficiencies gained through AI decreases operating costs and reliance on the human factor.

In addition, EastNets will also be showcasing its real-time anti-money laundering solution- EastNets 360 Transaction Risk Radar (TR360). It will also be featuring EastNets SafeTrade its newly launched Trade Based Money Laundering solution.  EastNets will also be showcasing its initiative solution to help banks in their efforts to implement SWIFT gpi.

According to an IDC report, worldwide spending on Cognitive and Artificial Intelligence Systems will grow to $19.1 billion in 2018 with trends such as increased public safety, preventative maintenance, reduction of fraud driving the spend. “For an industry that provides solutions for business intelligence, resilience and financial risk management, AI offers us deeper insights and higher product efficiencies – a real game-changer for knowledge-based businesses. Crimes such as money laundering has been costing the global economy between one and two trillion dollars annually, or nearly 2% of global GDP. All of this underscores the need for institutions to commit greater resources to remain compliant, particularly through investing in technologies that embrace the latest technology – such as artificial intelligence,” said Hazem Mulhim, EastNets CEO. “Sibos’ global presence and reputation renders it a premier opportunity to showcase how EastNets is adapting to the challenges of the twenty-first century,” he added.

As part of the event, EastNets’ Head of Product Management, Financial Crime and Compliance Risk, will be delivering a presentation entitled: "Trade Compliance: how to take control of your trade activity!" on October 22 from 14.45 - 15.15 at Sibos. The presentation will dive deep into the cutting-edge technologies that are available to mitigate the various trade compliance-related risks effectively, enabling institutions to be trade-compliant.

Experts from EastNets will be available at Sibos on Stand No. C60 from 22 & 25 October 2018.

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