Twenty-eight institutions now benefiting from EastNets secure real-time watchlist updates over blockchain
EastNets has announced that 28 financial institutions are now live users of a real-time watchlist feed, delivered securely over blockchain.
In partnership with Dow Jones Risk & Compliance, EastNets successfully commercialised a feed of sanction alerts over a private blockchain network. EastNets ChainFeed is now featured within EastNets' watchlist screening solution, SafeWatch Filtering. All financial institutions that are actively using EastNets SafeWatch have access to Dow Jones's high-quality sanction alerts carried over a private blockchain network directly to the screening engine, EastNets SafetWatch Filtering.
Furthermore, the secure nature of the blockchain-enabled EastNets solution restricts the opportunity for malevolent actors to intercept and/or manipulate watchlist data.
Deya Innab, EastNets Chief Strategy and Product Officer, says: "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."
In October 2018, in partnership with Dow Jones Risk & Compliance, EastNets showcased the first proof of concept (POC) for a real-time, blockchain-based compliance watchlist. At this time, EastNets ChainFeed Solution provides a continuously updated feed of Dow Jones's sanction alerts.