EastNets implements new customized solution for CounterpartyLink

EastNets, a leading global provider of compliance and payment solutions for the Financial Services industry, has announced the successful development of a customized solution, Legal Entity Data System (LEDS),  for CounterpartyLink (CPL), the Global Legal Entity Data Source Company and leader in ‘Know Your Customer’ (KYC). LEDS is a web-based application which can create meaningful reports from collecting information about legal entities. The creation and implementation of the system is part of EastNets’ continued commitment towards creating highly efficient solutions for a diverse client base.  

Through LEDS, CPL will be able to process information about legal entities and link it to other types of information. The application will also provide the company with capabilities to define different schedules to generate product files through a user-friendly and flexible interface that enables users to add more repetitive fields during data entry. The system distributes the load of work into online and job-based activities, enabling users to delay work on non-critical and costly operations to times when the system is not overloaded. 

Hazem Mulhim, CEO, EastNets said: “EastNets continues to live up to the promise and commitment in facilitating the needs of its clients for compliance and payment solutions. CPL’s LEDS is a result of advanced R&D which involved our meeting officials to understand their requirements. Our experience and understanding of the compliance industry was the key driver for developing a bespoke solution for CPL which was on the lookout for a fast, ergonomically designed interface.” 

Commenting on the successful implementation of the system Geoff Stanley, Chief Technology Officer at CPL said, “This was a root and branch rebuild of a totally reliable system that was only 9 years old itself, but the speed of change in the financial information world and CPL’s intent to remain as the leading provider of KYC and compliance ready entity data meant we needed a future focused platform. In order to avoid any legacy issues which often beset transitions that do not completely eradicate dependency with existing databases and systems we worked with EastNets to replace every component and transfer terabytes of mission critical data. With EastNets guidance we successfully transferred to our new system in March without a single customer being impacted and this has been the case ever since with an uninterrupted service. The system built by EastNets has delivered on the need for fast product development and this month our own development team introduced a new premium product releasing even greater value KYC data to our clients.” 

EastNets successfully helped CPL rebuild its core technology by delivering a complex functional platform and offered flexibility for future changes, which can be carried out by CPL’s development team. Being a certified SWIFT Service Bureau, EastNets not only meets the strict requirements for security and resilience as required in the financial markets but also boasts of significant experience in developing solutions for the regulated financial transactions sector.