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EastNets Partners With Qtel Group for Regional and Global Rollout of Groundbreaking Mobile Money RemittanceEastNets Provides Technology and Support to Launch Cross-Border Mobile Money Remittance (November 01, 2011)
NEW YORK, NY and DUBAI, UNITED ARAB EMIRATES -- (Marketwire) -- 11/01/11 -- EastNets, the leading global provider of compliance and payments solutions and services, has announced that it has recently signed an agreement with the Qtel Group to provide the technology platform and expertise to support the regional and global rollout of the Qtel Group's mobile money services across key markets, enabling international remittance globally.
EastNets will provide the full infrastructure needed to host Qtel's "mobile wallet" service, running the entire operation of the hosted services through a primary site in Dubai and a Disaster Recovery (DR) site in Bahrain. Mobile Network Operators (MNOs) will connect to the primary and DR sites through a secure VPN Connection. Qtel's mobile wallet service allows customers to use their mobile phone accounts to send money, top up their credit, make payments and transfer airtime to friends and relatives. Mobile wallet will be hosted through EastNets' Service Bureau, an outsourcing and managed services platform that is used by over 250 customers globally, including the top regional banks, to access the SWIFT Network.
EastNets will also deliver compliance and anti-money laundering (AML) solutions to the Qtel Group through the en.SafeWatch Profiling as a Service (PaaS). en.PaaS provides a robust, effective and easy-to-use transaction and customer monitoring solution that is configurable and flexible to adapt to new risks and regulations. en.PaaS serves as the central data processing, trend analysis and suspicious behavior identification engine to identify unusual activity. The solution includes advanced customer and account profiling, risk score management and peer group analysis, know your customer (KYC) controls, case management and regulatory reporting. EastNets' Profiling as a Service solution is designed to provide organizations of all sizes the ability to meet regulatory requirements without the need for expensive hardware, technical staff and the assurance of constant access. PaaS is a replica of EastNets' en.SafeWatch Profiling solution in that it provides monitoring of both customer static and dynamic data and runs computations against customizable scenarios and customer/account profiles to determine where unusual behavior may lie.
"Building on EastNets' robust technology platform, Qtel will be able to create exciting possibilities for their customers, while making it a lot easier to conduct secure and reliable financial transactions through the mobile wallet service. The launch of this groundbreaking financial solution reaffirms EastNets' commitment to service excellence and complements our ongoing efforts to strengthen our strategic partnerships worldwide," said Hazem Mulhim, CEO of EastNets.
The partnership is in line with the Qtel Group's Mobile Money strategy, which is being undertaken in collaboration with EastNets and other suppliers. The new mobile solution enables subscribers to simply use their mobile phone to trigger a cross-border money transfer transaction in an easier, cost-effective and more convenient way compared with traditional approaches.
EastNets is headquartered in Dubai and manages 16 offices across Europe, North America, the Asia-Pacific, and the Middle East. Through EastNets Service Bureau, an outsourcing and managed services platform that enables institutions to access low-cost and secure automated matching technology, EastNets services over 1,000 customers in 120 countries, including 22 of the top 50 global banks. EastNets is a major partner of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
EastNets Remittance, a UK based company registered by FSA, is a fully owned company by EN Holding and is a SWIFT participant. EastNets Remittance has launched en.MoRe, a Mobile Remittance service, connecting operators to banks globally via the SWIFT network. The en.MoRe service obtained the workers remittance conformance label for 2011 by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). For more information, please visit www.eastnets.com.
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