July 10th 2023
The partnership enhances a cutting-edge solution for instant sanction list updates to transform how financial institutions manage sanctions risk
Eastnets, the leading provider of compliance and payment solutions, today announced it is advancing its ChainFeed strategic partnership with Dow Jones and Oracle to reinvent sanctions screening for financial institutions. This collaboration brings real-time sanction updates and a seamless feed into compliance systems, ensuring businesses meet their compliance obligations every minute of the day.
The volatile nature of sanction lists poses an urgent and complex challenge. A prime example is the war in Ukraine, which has heightened the need for instant updates. The Peterson Institute for International Economics has documented nearly 150 complex sanctions imposed during the early weeks of the conflict, sometimes multiple times a day. However, most institutions rely on manual watchlist updates that occur only once a day, leaving them vulnerable to non-compliance. This delay creates significant risks, including operational, reputational, financial, and political repercussions.
In their unique partnership, the three companies address this need for speed. Dow Jones, a trusted provider of up-to-date sanctions lists, supplies high-quality warnings. Oracle provides OCI Blockchain Platform, a premier managed blockchain service, with its cutting-edge distributed and immutable ledger technology, where Eastnets’ ChainFeed smart contracts manage and track every update from Dow Jones Risk Management and every notification event to over 30 banks, ensuring unparalleled transparency.
The new and improved ChainFeed transforms a process that was manual, slow, and risk-prone into a fully automated, secure, and real-time cloud service. It prevents potential delays by instantly updating sanction lists and by real-rime list loading. In addition, it eradicates the hefty costs and resource drain of manual list uploads, removing downtime and eliminating the risks of human errors.
“This partnership marks a significant milestone in sanctions screening technology with a unique market value proposition,” said Deya Innab, Deputy CEO at Eastnets. “Eastnets has always been at the forefront of developing innovative solutions that address the challenges faced by financial institutions in a rapidly evolving regulatory landscape. This new collaboration reinforces our commitment to empowering organisations with cutting-edge technology to stay ahead of compliance requirements.”
- For more information about ChainFeed and Eastnets’ comprehensive compliance solutions, please visit: https://www.eastnets.com/products/crime-and-compliance/chainfeed.
- Or attend a joint webinar by Eastnets, Dow Jones and Oracle on Thursday 13th July. For further information, visit:
Registration: Volatile sanctions regulations and the need for a transformational approach to screening.