Published: 26-Oct-2010

http://bankingsoftwaretechnology.banking-business-review.com/news/quds_bank_selects_eastnets_antimoney_laundering_solutions_101026/

Quds Bank has selected EastNets' 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.

According to EastNets, 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, 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.

en.Duplicate Detection 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.