Dubai-headquartered EastNets has signed a distributor agreement with CounterpartyLink (CPL) under which EastNets will make CPL’s legal entity reference data available via its portal or for direct distribution to its clients. EastNets privides payment and security solutions for the financial, corporate and government sectors in EMEA.
EastNets has been supporting the entry of counterparty data to CPL databases since 2005, and hosts CPL databases and systems on its Dubai-based service bureau. EastNets co-provides the CPL reference data services either by portal or by direct distribution, and will capitalise on this partnership to launch a web-based portal for the financial community that will include CPL reference data.
Hazem Mulhim, CEO of EastNets, says organisations are now under increasing pressure to conform to regulatory standards which require them to properly categorise and assess risk from clients and counterparties.
“The legal entity and reference data provided by CPL provides clients with a comprehensive understanding of their counterparties and customers,” he adds.
EastNets product line-up includes subsidiary SIDE International’s SafeWatch anti-money aundering software, a real-time transactions filtering solution. EastNets currently markets its payment and security products globally via its offices, and also offers outsourcing services through its EastNets Service Bureau.
“Our partnership with CPL forms part of aggressive efforts to expand our business portfolio, highlighted recently by our acquisition of SIDE International,” says Mulhim. “We are confident that the country’s government, financial and banking institutions will be highly interested in how our products and services, particularly the secure financial messaging network operated by Swift, can radically improve the level of security of their transactions.”
CPL currently provides 94 fields of validated data for legal entities, including name and address, corporate hierarchy, registration and regulator details, and other standard identifiers such as Swift Bank Identifier Codes and CPL’s proprietary identifier.