EastNets Showcases its Real-time Fraud Detection Solution at Sibos 

EastNets will showcase en.SafeWatch PaymentGuard, an advanced real-time fraud detection solution for SWIFT payments. The product will be showcased alongside the company’s numerous anti-money laundering and financial crime and compliance risk (FCCR) solutions, at the 2017 SWIFT International Banking Operations Seminar (Sibos).

Running from October 16-19, 2017 at the Metro Toronto Convention Center in Toronto, Canada, this year’s Sibos will gather thousands of business leaders, decision makers, and specialists. Nearly 200 exhibitors will debate and collaborate in areas related to payments, securities, cash management and trade. EastNets will occupy Stand E51 of the venue where it will showcase numerous anti-financial crime solutions, including its flagship solution en.SafeWatch Payment Guard (en.SWPG).

En.SafeWatch Payment Guard (en.SWPG) is a new Artificial Intelligence (AI)-powered anti-fraud solution that responds to the growing sophistication of financial criminals and the declining utility of conventional financial crime solutions. En.SafeWatch Payment Guard (en.SWPG) detects and acts on fraudulent SWIFT payments based on machine learning capabilities. The solution constantly optimizes the accuracy of its models, sorting out genuine transactions from suspicious ones and reduces the number of false positives. Ultimately, the high efficiencies gained through AI decreases operating costs and reliance on the human factor.

In addition, EastNets will also be showcasing its advanced anti-money laundering and FCCR solutions, its financial messaging management system and its next generation financial messaging hub.

Nasser Sweileh, EastNets’ Head of Product Management, Financial Crime and Compliance Risk, will be delivering a presentation entitled “Artificial Intelligence: A brand new generation of financial crime solutions” on October 19 in the Open Theatre 2 beginning at 10:45 a.m. EST. The presentation dives deeper into how artificial intelligence can be used as a solution to the challenges arising from the constantly evolving domain of financial crime and compliance.

Hazem Mulhim, CEO, EastNets said: “EastNets recognizes the mounting salience of utilizing technological advancements, such as AI, in equipping the global financial system to combat newly emerging threats. Sibos’ global presence and reputation renders it a premier opportunity to showcase how EastNets is adapting to the challenges of the twenty-first century. Toronto is well-positioned to host this year’s conference, given its world renowned financial institutions and the durability of Canada’s banking system.

The annual Sibos conference is organized and facilitated by SWIFT, the global provider of secure financial messaging services. Complete event details are available at https://www.sibos.com.

Author: Dylan Jones

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