Clearstream Services External Businesses, which operates an On Demand banking platform, has deployed an anti-money laundering solution from Eastnets, a leading global provider of compliance and payments solutions.

The solution will form the strategic platform to provide “Software as a Service” (SaaS) compliance solutions to Clearstream’s clients world-wide, a statement said.

With this new On Demand service powered by EastNets technology, customers of Clearstream Services External Businesses benefit from cost-effective anti-money laundering controls designed to meet regulatory requirements, reduce capital expenditure and streamline efficiencies.

With EastNets, Clearstream expands its services to include watchlist filtering and transaction monitoring capability to detect and report money laundering activity. With no upfront fee, financial institutions can immediately benefit from their choice of services priced and packaged based on volume, the statement added.

“We are delighted to have selected EastNets’ market leading solutions as the centerpiece and command centre of our anti-money laundering service offering,” said, Michel Rodriguez, External Business Development director of Clearstream Services.

“The company’s long history in compliance and payments, the exceptional quality of its solutions and strong industry expertise made EastNets an obvious choice.”

“As financial institutions strive to control costs and risk, outsourcing operations and business processes become increasingly interesting and appealing,” said Hazem Mulhim, CEO of EastNets.

“With Clearstream Services External Businesses’ integration of EastNets’ solutions, financial institutions will have immediate and cost-effective access to world-class anti-money laundering solutions to meet regulatory requirements and mitigate risk.”

As their first common reference, Clearstream Services External Businesses hosts and operates EastNets’ solutions for East West United Bank based in Luxembourg. – TradeArabia News Service