EastNets Adds New Capabilities to its SWIFT Service Bureau
EastNets is expanding 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, centralised and secured environment.
Clearstream Services External Businesses had deployed EastNets’ anti-money laundering solutions and its en.Duplicate Detection solutions as its strategic platform to provide software-as-a-service (SaaS) compliance solutions, which includes the SWIFT service bureau. Clearstream is using en.Duplicate Detection to prevent real-time emission of duplicate payments or other FIN messages sent to correspondents. The en.Reporting plug-in will enable users to monitor FIN and XML traffic and to report clearly.
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 optimise development, support and maintenance costs.