EastNets Secures Consultancy Contract from the ECB

EastNets, the compliance and payments solutions provider for the financial services industry, has secured a consultancy contract from the European Central Bank (ECB), to audit its SWIFT operations infrastructure.

The contract includes the ECB’s 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 US.

EastNets will provide services for SWIFTNet messaging for the MT and MX standards, plus FIN, FileAct and SWIFTAlliance, including expertise in workflows for the TARGET2 real-time gross settlement (RTGS) system, the Euro Banking Association (EBA) payment system EURO1, the EBA’s STEP1 and STEP2 and the single euro payment area (SEPA), in particular.

“The ECB adds considerable value to our already existing portfolio of high-value clients,” said Hazem Mulhim, chief executive officer (CEO), EastNets.

“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 ECB’s main function is to maintain purchasing power for the euro, stabilising prices in the eurozone. The euro area came into being in 1999, when responsibility for monetary policy was transferred from the national central banks of 18 European Union (EU) member states.

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