Global compliance and payments solutions provider EastNets, announced that 28 financial institutions now benefit from its real-time watchlist feed, delivered through blockchain.
EastNets collaborated with Dow Jones Risk & Compliance to develop a feed of sanction alerts over a private blockchain network. EastNets ChainFeed is included in SafeWatch, the company’s watchlist screening solution. The institutions live on the new feed also have access to Dow Jones’s sanction alerts delivered over a private blockchain network directly to EastNets SafetWatch Filtering.
The secure nature of the blockchain solution also allows EastNets to restrict malicious actors access and ability to manipulate the 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 watchlists. 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.
EastNets and Dow Jones Risk & Compliance’s collaboration showcased in October 2018 the first proof of concept for real-time, blockchain compliance watchlist. Currently, EastNets ChainFeed provides frequently updated feed of Dow Jones’s sanction alerts.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.