Eastnets Blockchain Solutions : ChainFeed
Eastnets ChainFeed is a blockchain-based, real-time, list loading solution providing instant sanction list updates.
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A unique & transformative solution for sanction list updates that guarantees data integrity and security.
Feeding accurate, and timely information to the screening engines is critical, as delays can expose institutions to operational, reputational, financial, and political risks.
With sanctions lists constantly changing, managing sanctions risk is becoming more challenging and it presents operational and compliance challenges to financial institutions. The nature of list information, the increasing volume of data, the frequency of updates, and the consequences of sanctions are all factors that make compliance more complex. The fluid nature of sanction lists, however, is not an excuse for failure to perform timely updates.
The need for operative and reliable list management tools coupled with an effective and efficient sanctions screening engine is crucial. Having one of them without the other will cripple the operation. A sanction check platform that executes immediate updates, in real-time, is a must-have in the current environment of fast-changing sanctions
Blockchain technology makes for a smoother, easier update journey – and an industry-leading watchlist update solution. It ensures watchlists are always up to date and error-free while reducing the administrative burden of manual updates.
All with automation, speed, downtime elimination, integrity checks, more comprehensive security, and greater consistency
The Eastnets Advantage
Real-time, list updates with zero human intervention, and zero downtime.
Connects and listens continuously to any updates released by the lists provider on any of the watchlists. The moment an update is released by the lists provider, ChainFeed carries this update instantly and distributes it to all nodes; and all permission institutions connected to the chain.
‘by-design’ Features of DLT
Eastnets ChainFeed leverages the ‘by-design’ features of DLT to present a powerful sanction list managing solution. Integrating seamlessly with Eastnets Safewatch Screening solution and closing the loop to tackle critical list update challenges.
Integrity checks can be done at any point
Integrity checks can be done at any point at different levels with 24/7 monitoring and notification tools that gives you the assurance your lists are up-to-date, and they are identical to the original lists released by the list provider.
Updates are Auditable, and Traceable
The immutability of the ledger guarantees the authenticity of the data. With DLT, all updates are auditable, and traceable, and provide the capabilities for historical reviews and audits.
Updates are conducted automatically and without human intervention, making risk of error or fraud impossible.
As soon as a name is added or deleted from the watchlist, updates are made to the institution’s system immediately.
Because of blockchain technology’s always-on nature, there’s no need to interrupt operations.
The integrity of watchlist content can be verified against the ChainFeed ledger to ensure watchlist screening validity.
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