EastNet applies AI to fight financial crimes

EastNets, which provides compliance, risk and payments solutions, has integrated artificial intelligence (AI) capabilities across its family of solutions.   

 en.SafeWatch PaymentGuard (en.SWPG) is a new AI-powered anti-fraud solution that 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, markedly reducing the number of false positives. The high efficiencies gained through AI decreases operating costs and reliance on the human factor.

Using powerful EastNets-developed fraud detection models on top of machine learning algorithms, en.SWPG continuously adapts its predictive models based on historical transactions. These patterns form the basis upon which future transactions are evaluated and classified. 

 Hazem Mulhim, CEO, EastNets, said: “Artificial intelligence is building on old, static, rule-based systems in compliance and risk management solutions by automating customer onboarding, watch list filtering and fraud detection. en.SafeWatch PaymentGuard tackles the rising risk and magnitude of payments fraud in the financial industry by classifying transactions according to past patterns in order to detect anomalous or suspicious transactions. The shift in the global regulatory environment is reshaping innovation in RegTech companies, and en.SafeWatch PaymentGuard places EastNets right at the forefront in leveraging this technology to prevent payments fraud.”

PaymentGuard was launched at the ACAMS 5th Annual AML Risk Management Conference in New York City, and will be available on July 25 to all EastNets clients globally.




Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


The free newsletter covering the top industry headlines