EastNets, a leading provider of global compliance and payment solutions and services, announced today that Quds Bank has selected EastNets to deploy its en.SafeWatch Filtering and en.SafeWatch Profiling anti-money laundering (AML) solutions and its SWIFT duplicate message detection plug-in. In addition, EastNets will also provide SWIFT integration services for automating SWIFT’s Message Transfers MT 101 to MT 103 conversion.
Established in 1995 and based in Palestine, Quds Bank is engaged in Commercial Banking and Investments through Lending, Financing, Opening Accounts and Documentary Credits. It also accepts Deposits from the public for the medium and long terms, in addition to Current Accounts. The Bank also deals in different currencies, buying and selling, in current and future prices, and it manages and markets Securities for the benefit of the Bank and its clients. The selection of EastNets enables Quds Bank to comply with AML/CTF international standards and local regulations, while preventing SWIFT duplicate messages and automating SWIFT MTs conversion from 101 to 103.
"To sustain our growth plans, it was imperative for Quds Bank to adopt proven financial solutions that offer the best protection from a variety of financial operational risks. Recognizing its excellent track record in the financial industry, we were convinced that EastNets would offer effective solutions that adequately address our requirements for risk management and anti-money laundering protection," said HE Mr. Azzam Shawwa, General Manager, Quds Bank.
“We are very pleased Quds Bank has selected EastNets en.SafeWatch anti-money laundering solutions to provide vital protection in line with the increasing risks associated with Quds Bank's growing operations,” said Hazem Mulhim, CEO of EastNets. “In addition, the bank will also benefit from an extra layer of real-time controls through our en.Duplicate Detection plug-in and SWIFT integration services, which will further enhance the bank's business performance and revenue potential.”
en.SafeWatch Filtering provides a central monitoring point for automated AML checking of an organization’s financial traffic across all data formats. en.SafeWatch Profiling, is a central data processing, trend analysis and suspicious behavior identification engine. It supports advanced customer and account profiling, risk score management and peer group analysis, know your customer (KYC) controls, case management, and regulatory reporting.
en.Duplicate Detection detects duplicate messages and prevents the emission of outgoing payments and processing of incoming duplicate payments to reduce the cost and complication of double processing. It prevents accounting errors, investigation costs and operational risks ensuing from duplicate emission or reception of traffic, whether by the mistake of an application or an operator. The key features of en.Duplicate Detection include the ability to control risk of duplicate payment emission; reduction of cost incurred by payment reversal, and increased overall security to prevent duplicate payments.
EastNets' SWIFT integration services automate the conversion of MT 101 (Transfer Orders) to MT 103 (Transfer action), eliminating manual entry and generation of MT 103. The MT 101 – 103 convertor will automatically validate the message content to ensure no errors are in the new message, while speeding up the delivery of services as the automation of the message eliminates time wasted on creating a message.