April 14, 2014
EastNets, a leading global provider of compliance and payments solutions for the Financial Services industry, has recently been awarded a consultancy contract to audit its SWIFT operations infrastructure by the European Central Bank (ECB), including its SWIFT Alliance Access (SAA) and Alliance Gateway (SAG) for high and low EURO value payments. EastNets’ team of SWIFT-certified engineers will carry out the audit for ECB’s environment to ensure the operation of its SWIFT Alliance infrastructure.
Founded in 1998 alongside the introduction of the Euro as the single currency in Europe, ECB has been responsible for conducting monetary policy for the euro zone – the world’s largest economy after the United States of America. EastNets will render services for SWIFTNet Messaging for FIN, MT, MX and FileAct and SWIFTAlliance service, including expertise in workflows for TARGET2, EURO1, STEP1, STEP2 and SEPA (Single Euro Payment Area), in particular. With EastNets cost effective SWIFT System Care, ECB can leverage the instant support, expertise and knowledge to reduce its cost and of maintaining a SWIFT infrastructure.
Hazem Mulhim, CEO, EastNets, said: “The European Central Bank adds considerable value to our already existing portfolio of high value clients We have clinched the deal against more than 10 other SWIFT-certified service providers, demonstrating our expertise in SWIFTAlliance architecture supported by superior features and excellent service. We assure ECB of high-priority on-site support, immediate response and 24/7 support helpline in case of emergency.”
The European Central Bank’s main function is to maintain purchasing power for Euro, stabilizing price in the euro area. The euro area came into being when responsibility for monetary policy was transferred from the national central banks of 18 European Union Member States to the ECB since 1999.
EastNets provides solutions and services to over 1,000 customers in 120 countries, including 22 of the world’s top 50 banks. It hosts one of the largest networks of Society for Worldwide Interbank Financial Telecommunication (SWIFT) Service Bureaus, serving over 260 firms around the world. EastNets is headquartered in Dubai with 16 offices across Europe, North America, the Asia-Pacific, and the Middle East.