Brussels (March 31, 2020) –– Eastnets is pleased to announce that 28 financial institutions are now live users of a real-time watch-list feed, delivered securely over blockchain.
In partnership with Dow Jones Risk & Compliance, Eastnets successfully commercialized a feed of sanction alerts over a private blockchain network. Eastnets ChainFeed™ is now featured within Eastnets’ watchlist screening solution, SafeWatch Filtering. Today, all financial institutions who are actively using Eastnets SafeWatch have access to Dow Jones's high-quality sanction alerts carried over a private blockchain network directly to the screening engine, Eastnets SafeWatch Filtering.
Furthermore, the secure nature of the blockchain-enabled Eastnets solution restricts the opportunity for malevolent actors to intercept and/or manipulate watchlist data.
Deya Innab, Eastnets Chief Strategy and Product Officer, said: We continuously look to new technology as an opportunity to enhance our customer experience. The question will always be: how and which technology should we use to bring greater value to our customers?
“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 October 2018, in partnership with Dow Jones Risk & Compliance, Eastnets showcased the first proof of concept (POC) for a real-time, blockchain-based compliance watch-list. At this time, Eastnets ChainFeed™ provides a continuously updated feed of Dow Jones's sanction alerts
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About Dow Jones Risk & Compliance
Dow Jones Risk & Compliance is a global provider of third party risk management and regulatory compliance solutions. Working with clients across the globe, it delivers 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. The Dow Jones Risk & Compliance business expanded revenues by 21% in the second quarter of fiscal 2020 — its twelfth consecutive quarter of growth above 20%. Dow Jones is a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV).
Eastnets ensures peace of mind by securing a safer future for everyone.
A global provider of compliance and payment solutions for the financial services sector, our experience and expertise help ensure trust at 750 financial institutions across the world, including 11 of the top 50 banks. For more than 35 years, we’ve worked to keep the world safe and secure from financial crime. We do it by helping our partners manage risk through Sanction Screening, Transactions Monitoring, analysis and reporting, plus state-of-the-art consultancy and customer support.