Collaborative Efforts Against Financial Crime
Eastnets, a leader in compliance and payment security, has joined forces with Facephi, a Spanish company renowned for biometric digital identity verification. This strategic partnership promises to create a comprehensive defense ecosystem against financial crime, addressing a pressing challenge faced by financial institutions worldwide.
Transforming the Financial Sector
The collaboration brings together Eastnets’ four decades of experience in areas like anti-money laundering (AML) and transaction monitoring with Facephi’s advanced biometric verification systems. This innovative alliance aims to set a new standard for combating fraud within the banking and finance sectors, enabling institutions to boost customer trust while complying with stringent regulations.
Enhancing Customer Safety and Trust
As financial crime continues to evolve, banks and financial organizations stand at a critical juncture where they must ensure regulatory compliance while ensuring seamless customer experiences. The Eastnets and Facephi partnership is tackling this challenge head-on by integrating compliance measures with digital identity verification, ultimately enhancing security and customer confidence.
Cutting-Edge Solutions for a Secure Future
The partnership employs various advanced solutions designed to thwart fraud effectively:
- Advanced Biometric Onboarding: Fast, secure processes that minimize the risk of drop-offs during customer registration, facilitating greater financial inclusion.
- Mule Account Detection: Utilizing AI-powered monitoring to identify and prevent fraudulent activities linked to mule accounts.
- Multi-Layer Authentication: Implementing robust security measures to prevent identity theft and account takeovers.
- Intelligent Compliance: Seamless integration of identity verification within existing compliance workflows, enhancing AML efforts.
- Customer Experience: A streamlined onboarding process that balances security with user-friendliness.
A Pivotal Moment in the Financial Landscape
This collaboration comes at a crucial time when financial institutions are grappling with the challenges posed by an estimated $3.1 trillion in illicit funds circulating within the economic system. The increasing burden of compliance costs, which exceed $206 billion annually, underscores the urgent need for innovative solutions that prioritize both security and user experience.
Industry Insights
The digital identity market is undergoing significant growth, anticipated to expand at a compound annual growth rate (CAGR) exceeding 16% through the coming years. This represents an exciting opportunity for solutions that effectively combine essential elements of security, compliance, and quality user experience—features that the Eastnets and Facephi alliance aims to spearhead.
Vision for the Future
Hazem Mulhim, Eastnets’ CEO, emphasizes the alliance's commitment to protecting clients in the financial sector. He notes, “Our mission aligns perfectly with Facephi's vision. We aim to combat financial risks while fostering safe, inclusive finance. With the fusion of Eastnets' AI capabilities and Facephi's biometric innovations, we're fortifying banks against fraud and enhancing digital trust.”
Furthermore, Facephi’s CEO, Javier Mira, remarks on the alliance's potential: “This partnership transcends mere technology integration. It represents a transformative approach to the global fight against financial crime. By merging advanced compliance protocols with biometric solutions, we are equipped to safeguard the financial system comprehensively, ensuring it meets future regulatory demands.”
About the Companies
Eastnets serves over 800 financial institutions worldwide, including 11 of the top 50 banks. With a rich heritage of over four decades, their solutions encompass sanction screening, transaction monitoring, compliance analytics, and consultancy services to foster secure global financial operations.
Facephi specializes in protecting and verifying digital identities, prioritizing data security. With its headquarters in Spain and a strong presence across APAC, EMEA, and LATAM, the company has dedicated itself to creating innovative solutions aimed at combating fraud, paving the way for secure and inclusive financial processes.
If you seek to learn more about this significant partnership or have media inquiries, please reach out to:
Eastnets Media Contact:
Abby Simpson
Senior Account Manager, Five not 10
abigail.simpson@fivenot10.co.uk
Facephi Media Contact:
Evercom – facephi@evercom.es
Press - prensa@facephi.com
Frequently Asked Questions
What prompted Eastnets and Facephi to collaborate?
The companies recognized the need for an innovative approach to combat financial crime by merging compliance and biometric technologies.
What are the main benefits of this partnership?
By combining their strengths, they provide comprehensive solutions like biometric onboarding, mule account detection, and intelligent compliance processes.
How does this alliance improve customer experience?
The partnership promises a seamless onboarding process that enhances security while ensuring a user-friendly experience.
What sectors will benefit from this collaboration?
Primarily banks and financial institutions, but also clients seeking secure and compliant digital identity verification solutions.
What is the future outlook for the digital identity market?
The digital identity market is expected to grow significantly, with a CAGR predicted to surpass 16%, illustrating vast opportunities for innovation in security and compliance.
