- Eastnets integrates Pole Star Global’s PurpleTRAC into its SafeTrade platform for enhanced live and highly accurate vessel tracking.
- SafeTrade provides a unified platform for managing compliance, vessel monitoring, and fraud detection in trade finance.
- By centralising trade finance data, SafeTrade streamlines compliance and strengthens risk management.
London, 30 October 2024: Pole Star Global announces the integration of their advanced PurpleTRAC technology into Eastnets’ SafeTrade platform. This enhancement equips financial institutions with real-time vessel tracking and AI-driven monitoring, both crucial for addressing the escalating challenges of trade-based financial crime. It also supports adherence to stringent global regulations.
With PurpleTRAC now integrated into SafeTrade, financial institutions can track vessels carrying international trade in real-time and use AI-driven tools to continuously monitor transactions for suspicious activities. This integration simplifies compliance processes and enhances risk management throughout the trade finance lifecycle, making immediate action against misconduct more achievable.
“Trade-based financial crime has reached a critical point. The scale of the problem is staggering, with $8.7 trillion in discrepancies between perceived and actual trade values reported globally. This crime undermines economic stability, with over $1.1 trillion in illicit funds flowing through the Americas alone in 2023. Through the integration of PurpleTRAC, SafeTrade’s powerful combination of advanced technologies provides financial institutions with a vital tool to address this complex issue.” – Diya Innab, Deputy CEO of Eastnets
As global trade finance operations become increasingly intricate, the need for a solution that addresses every aspect of compliance has never been greater. Financial institutions face the challenge of managing fragmented data and dispersed responsibilities. Detecting trade-based financial crime is further complicated by a tangled web of transactions, the diversity of involved parties, and the lack of standardized documentation. This fragmentation poses significant hurdles to maintaining effective compliance.
To address these challenges, SafeTrade consolidates scattered trade finance information into a centralised digital hub and employs advanced AI to analyse extensive data. This enables financial institutions to monitor vessel movements, verify documents, and detect irregularities that could indicate fraudulent activities. SafeTrade’s AI-driven approach continuously adapts to emerging trends, helping financial institutions stay ahead of evolving financial crime tactics while reducing false positives and improving detection accuracy.
“Our collaboration with Eastnets to integrate PurpleTRAC into SafeTrade brings precise vessel tracking into the broader compliance framework. With regulatory changes occurring every 12 minutes and 90% of global trade moving by sea, real-time vessel monitoring has become essential. PurpleTRAC’s advanced features, such as global sanctions screening, detailed movement history analysis, and instant alerts for high-risk activities, empower financial institutions to manage trade finance with greater accuracy and confidence.” – James Ferguson, Chief Revenue Officer at Pole Star Global
About Pole Star Global Global
Pole Star Global is a leader in maritime intelligence and regulatory compliance solutions, providing cutting-edge tools to monitor, track, and assess vessels worldwide. Pole Star’s solutions, including PurpleTRAC, empower the maritime community to enhance safety, security, and regulatory compliance.
About Eastnets
Eastnets is a global provider of compliance and payment solutions for the financial services sector. Eastnets’ experience, expertise, and technology enables safe and secure participation in the global financial economy for over 800 financial institutions, including 15 of the top 50 banks and 22 of the world’s central banks.
For more than 40 years, the company has worked to keep the world safe from financial crime. Eastnets does this by helping partners manage risk through sanction screening, transaction monitoring, analysis, and reporting, as well as industry-leading consultancy and customer support.
Media contacts
Pole Star Global: [email protected]
Eastnets: [email protected]