New EastNets en.finmeX portal to provide online solutions

The new service aims to capitalize on the phenomenal growth in Middle Eastern internet usage, which climbed a record 1,176.8% from 2000 to the first quarter of 2008, eclipsing the global rate of 281.8% for the same period.

en.finmeX will be deployed in the EastNets Service Bureau, an outsourcing and managed services platform that provides services ranging from interconnectivity to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to e-billing systems.

The new hosted portal's four main Modules, namely eInsurance, eSecurities, eCorporates, and en.Community, will offer securities pre/post securities trade; insurance trading; enterprise application integration; regulatory compliance; and value-added services.

"We are introducing en.finmeX to complement the Middle East's rapidly rising internet technology adoption and its emergence as a vital regional and global financial hub. Online commerce has become an important tool for the financial services community; unfortunately web-based threats abound which threaten data security and integrity. Our new portal assures users of secure and reliable solutions to suit their unique organizational needs,"

said Hazem Mulhim, CEO and Chairman, EastNets.

EastNet's latest offering will provide numerous benefits, such as reduced time-to-market for innovative new products; optimized IT spending; a single interface for multiple services such as SWIFTNet FileAct, SWIFTNet InterAct, SWIFTNet Mail; and improved regulatory compliance through efficient process control, regulation and monitoring. The portal's simple and convenient solutions will also allow users to combine products to boost customer retention and increase new businesses.

"en.finmeX will serve as a one-stop-show which will ensure that only the right products are delivered to the right customers at the right time and price. The On Demand Model we have adopted promotes flexibility, swift time-to-market and low ownership cost. We have developed this latest service to be easy to implement and set up, so that our clients can immediately focus on taking advantage of its many benefits," concluded Mulhim.

Dubai-headquartered EastNets has been handling confidential transactions for more than 850 customers from the financial, corporate and government sectors in Europe, the US, South America, the Middle East, Asia and Africa for over 24 years. The company is accredited as SWIFT Regional Partner to offer SWIFT customers customized services related to the implementation, integration, and upgrade of SWIFTNet infrastructure products and SWIFT interfaces, and to meet established quality standards.