EastNets, a leading global provider of compliance and payments solutions and services, announced today that it has expanded its SWIFT Service Bureau with new value-added plug-ins for real-time SWIFT traffic reporting and the prevention of double processing of transactions.
The en.Duplicate Detection plug-in 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. The en.Reporting plug-in enables users to display, monitor and report their SWIFT traffic data to increase transparency within a global, centralized and secured environment.
"The new plug-ins for our SWIFT Service Bureau provide greater flexibility and business value to our customers by helping to reduce risks, costs and complexity in their operations,” said Hazem Mulhim, CEO of EastNets. “These latest enhancements to our Service Bureau reinforce our commitment to expanding the value and capability of our integrated services to help our clients improve business performance and transparency.”
“The en.Duplicate Detection plug-in provides an extra layer of protection for our clients against potential complications and extra costs due to the double processing of a transaction. The new capability eliminates the risk of sending money twice by mistake,” said Erol Kaya, Group Director, Product Management of EastNets. “en.Reporting, on the other hand, centralizes SWIFT traffic data in real-time, allowing users to display, investigate, monitor and report data. This functionality allows our clients to analyze in detail message flows and charges, while enhancing their revenue potential as they receive up-to-the-minute information about arrival of funds, which can then be optimally used."
en.Duplicate Detection prevents the 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.
en.Reporting addresses the lack of statistical information on traffic on SAA, the high cost of concurrent operator license on SAA and the need to off-load the SAA system from heavy-resource consuming message investigations. The SWIFT plug-in essentially helps clients to improve SAA operational efficiency, obtain real-time transparency and statistics, speed up and simplify audit procedures, reduce operational risks and costs, and optimize development, support and maintenance costs.
About en.Service Bureau
EastNets provides both a fully-managed hosting facility as well as a shared environment – both complete with OFAC and watchlist screening, disaster recovery and FileAct support. The Company’s en.Service Bureau has recently received the SWIFT Operation Assurance Label for 2010, and was awarded the SAS 70 Type II Certification. EastNets offers one of the world’s largest SWIFT Service Bureau networks, with more than 250 clients.
EastNets (eastnets.com) is a leading provider of global compliance and payment solutions and services with over 1,000 customers in 120 countries. Founded in 1984, EastNets has over 25 years of experience serving financial institutions, corporates and government agencies around the globe. EastNets provides anti-money laundering, payment and transaction management solutions, and SWIFT plug-ins to add value to SWIFT connectivity to improve risk protection, transparency, and cost savings. Through its outsourced fully-hosted Service Bureau, EastNets provides SWIFT connectivity and add-on services for over 200 financial institutions.