Compliance and payments solutions provider EastNets has rolled out a new AI-based solution to help detect and combat payment fraud and money laundering.
The company took the opportunity at Sibos to display SafeWatch PaymentGuard (ENPG), an AI-powered, anti-fraud technology that can detect and act on fraudulent Swift payments using machine learning, helping banks to lower costs and reduce human errors.
EastNets also featured its other initiatives which included its real-time anti-money laundering (AML) solution, EastNets SafeWatch360 Transaction Risk Radar (TR360), EastNetsSafeTrade, a new AML tool and a product to help banks implement Swift gpi.
Hazem Mulhim, EastNets’ CEO, “Crimes such as money laundering cost the global economy between $1 trillion and $2 trillion dollars annually, or nearly 2% of global GDP. This underscores the need for institutions to commit greater resources to remain compliant, particularly through investing in technologies that embrace the latest technology – such as AI”