(March 31, 2020) Brussels 28 financial institutions are now active consumers of a real-time watch-list feed that is delivered securely over blockchain, Eastnets is delighted to announce.
Eastnets successfully marketed a feed of sanction notifications over a private blockchain network in collaboration with Dow Jones Risk & Compliance. Eastnets ChainFeed is now available in the SafeWatch Filtering watchlist screening programme from Eastnets. Today, all financial institutions employing Eastnets SafeWatch have access to Dow Jones' high-quality sanction warnings delivered directly to the screening engine, Eastnets SafeWatch Filtering, over a private blockchain network.
Additionally, the blockchain-enabled Eastnets solution's security limits the ability of malicious actors to intercept and/or alter watchlist data.
We constantly see new technology as a chance to improve our client experience, according to Deya Innab, Eastnet's Chief Strategy and Product Officer. The question of how and what technology to leverage to provide our clients with more value will never change.
“We understand the challenges and risks associated with manual updates of watch-lists. Our customers need a timely, secure courier to carry watchlist feeds from end-to-end. This innovative solution uses blockchain technology to overcome these challenges. Designing and testing a suitable solution was challenging, but we are delighted to lead the industry with a real-time, secure watchlist update solution that is actively used by leading institutions that now meet their compliance obligations every minute of the day.”
In collaboration with Dow Jones Risk & Compliance, Eastnets presented the first proof of concept (POC) for a blockchain-based, real-time compliance watch-list in October 2018. At the moment, Eastnets ChainFeed delivers a stream of the Dow Jones sanction alerts that is constantly updated.
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About Dow Jones Risk & Compliance
Global provider of third party risk management and regulatory compliance solutions is Dow Jones Risk & Compliance. Delivering research tools and outsourced services for on-boarding, screening, and investigation, it works with clients all around the world to assist businesses comply with anti-money laundering, anti-bribery, corruption, and economic sanctions regulation while reducing third party risk. In the second quarter of fiscal 2020, the Dow Jones Risk & Compliance unit had a 21% increase in revenues, marking its eleventh consecutive quarter of growth above 20%. News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) owns Dow Jones as a division.
By ensuring everyone's safety in the future, Eastnets provides peace of mind.
Our experience and expertise as a global provider of compliance and payment solutions for the financial services industry help maintain trust at 750 financial institutions worldwide, including 11 of the top 50 banks. We've been battling financial crime for more than 35 years in order to keep the world safe and secure. Through Sanction Screening, Transactions Monitoring, analysis, and reporting, as well as cutting-edge consulting and client support, we assist our partners in managing risk.