- Eastnets named among top 50 companies globally in the inaugural RiskTech AI50 report by Chartis Research.
- Recognised for setting new standards in accuracy and efficiency with AI-driven compliance solutions, alongside industry leaders such as Oracle, Moody’s, IBM, and KPMG.
- Acknowledged for its innovative use of AI, particularly in reducing false positives and enhancing anomaly detection through solutions like SafeWatch Screening AIDA and SafeTrade.
London, 04 Sep 2024: Eastnets has been named among the top 50 companies worldwide in the inaugural RiskTech AI50 report by Chartis Research, solidifying its leadership in compliance and payment software. The company stands out for its practical and effective use of AI, particularly in anomaly detection and reducing false positives in compliance workflows.
AI at the core of financial crime detection
Eastnets has embedded AI into its tools to directly address common pain points in compliance and financial crime detection, enabling false positive reductions of over 95%, streamlining workflows, and enabling quicker, more accurate risk assessments.
As the financial services industry in EMEA faces stringent regulations, including the EU’s 6th Anti-Money Laundering Directive and regional AML rules, Eastnets’ AI solutions provide the necessary flexibility to meet all compliance requirements. For example, these technologies can swiftly adjust to changes in sanctions lists and help institutions navigate complex local compliance regulations, easing workloads and reducing the need for manual intervention.
Eastnets’ AI-driven tools automate compliance tasks, reducing operational costs and reducing the risk of fines. By minimising errors and simplifying complex processes, they allow institutions to focus on higher-value activities, ultimately improving decision-making and overall performance.
AI-powered solutions with real-world impact
To help address these challenges, Eastnets offers two AI-powered solutions that move beyond theoretical concepts, delivering practical benefits in real-world applications:
- SafeWatch Screening AIDA: Built to detect and prevent money laundering and terrorist financing, this solution can reduce false positives by over 95% through advanced AI models. By combining supervised and unsupervised machine learning, SafeWatch Screening AIDA accurately identifies potential risks in real-time and batch modes. This enables financial institutions to focus on true risks while streamlining compliance processes.
- SafeTrade: Designed to combat Trade-Based Financial Crime, SafeTrade uses advanced AI to analyse extensive trade data, including vessel tracking and price anomalies. It employs a Large Language Model (LLM) to detect irregularities that could signal fraudulent activities. The system continuously adapts, learning from new trends to stay ahead of evolving financial crime tactics.
About the RiskTech AI50 report
The RiskTech AI50 report is a comprehensive study by Chartis Research, a leading provider of analysis in risk technology. The report evaluates the AI landscape in financial risk management, focusing on the maturity, innovation and practical application of AI technologies across the industry. Vendors were assessed on criteria such as impact, deployment, strategy and innovation, providing a clear view of the leaders in AI-driven risk management.
“Our inclusion in the RiskTech AI50 report is a testament to our strategic focus on pushing the boundaries of AI in financial crime compliance,” says Diya Innab, Deputy CEO at Eastnets. “Our products, like SafeWatch Screening AIDA and SafeTrade, reflect our ongoing efforts to create AI-driven solutions that meet the demands of today’s financial institutions while anticipating tomorrow’s challenges.”
“Eastnets RiskTechAI ranking reflects its success in leveraging AI and machine learning to tackle critical challenges in financial crime, including detecting anomalies and minimizing false positives,” said Maryam Akram, Research Principal at Chartis. “The company’s emphasis on automation, both in solution offerings and in the development and training of models, further contributed to its achievement.”
As financial crime becomes more complex, the adoption of AI in compliance solutions is no longer optional. AI is reshaping the landscape, offering new ways to detect and prevent threats like money laundering, Trade-Based Financial Crime and sanctions evasion. Eastnets leads this transformation with proven AI solutions that enable financial institutions to stay compliant and secure in an ever-evolving risk environment.
About Eastnets
Eastnets is a global provider of compliance and payment solutions for the financial services sector. Through our experience, expertise and technology we enable safe and secure participation in the global financial economy for over 800 financial institutions globally, including 15 of the top 50 banks, and 22 of the world’s central banks.
For more than 40 years, we’ve worked to keep the world safe and secure from financial crime. We do this by helping our partners manage risk through Sanction Screening, Transaction Monitoring, analysis, and reporting, plus industry leading consultancy and customer support.
About Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. The goal of Chartis Research is to support enterprises as they drive business performance through improved risk management, corporate governance, and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
Media contacts
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