Combating Financial Crime: How Eastnets and Facephi's Strategic Alliance Revolutionizes Fraud Defense

Combating Financial Crime: A New Era of Fraud Defense

In a world where financial crime is becoming increasingly sophisticated, the need for advanced security solutions has never been more critical. Eastnets, a global leader in compliance and payments security, and Facephi, a Spanish-based pioneer in biometric digital identity verification, have formed a landmark strategic partnership to combat financial crime on a global scale. This alliance is not just a technological integration; it's a transformative step towards creating a comprehensive, end-to-end anti-fraud defense ecosystem.

The Power of Combined Expertise

Eastnets brings four decades of experience in anti-money laundering (AML), sanctions screening, and transaction monitoring. Facephi, on the other hand, is renowned for its cutting-edge multichannel biometric technology. Together, they are forging a new standard where compliance and digital identity converge to protect financial institutions and their customers.

Advanced Biometric Onboarding

One of the key features of this partnership is the development of advanced biometric onboarding processes. These processes are designed to be fast, secure, and user-friendly, significantly reducing drop-offs and accelerating financial inclusion. By leveraging biometric technology, the onboarding experience is both seamless and secure, ensuring that customers can access financial services with confidence.

Mule Account Detection and Prevention

Mule accounts, often used by criminals to launder money, pose a significant threat to financial institutions. Eastnets and Facephi are addressing this issue with AI-powered monitoring and enhanced AML workflows. This technology allows for real-time detection and prevention of mule accounts, providing a robust layer of defense against financial crime.

Multi-Layer Authentication

In an era where identity theft and account takeover are rampant, multi-layer authentication is crucial. The partnership offers a multi-layer approach to authentication, combining various biometric and non-biometric methods to create a robust defense against identity fraud. This ensures that only legitimate users can access sensitive information and financial services.

Intelligent Compliance and Customer Experience

The alliance also focuses on integrating identity verification seamlessly with AML, sanctions, and broader compliance workflows. This intelligent compliance system ensures that financial institutions meet regulatory demands while maintaining a frictionless customer experience. By streamlining the compliance process, the partnership helps banks and financial institutions reduce operational costs and improve efficiency.

Projections and Market Impact

The digital identity market is projected to grow at a compound annual growth rate (CAGR) of over 16% through 2029. This presents a significant opportunity for solutions that combine security, compliance, and user experience. With $3.1 trillion in illicit funds flowing through the financial system in 2023 and $206 billion in annual compliance costs, institutions need smarter, more efficient solutions. The Eastnets–Facephi partnership is well-positioned to meet these challenges head-on.

The Bottom Line

The strategic alliance between Eastnets and Facephi is a game-changer in the fight against financial crime. By combining their expertise in AML, biometric technology, and compliance solutions, they are creating a new standard for fraud defense. This partnership not only strengthens trust and security in the financial industry but also paves the way for a more inclusive and secure digital future.