News
2020 Outlook
Our agenda for 2020 is already busy with much work to be done and much events to be attended. In addition to launching a new Service Bureau site in France, opening two more branches to serve our clients in the Gulf and Africa more closely, and enhancing our existing products, we are currently in the course of developing two new products that will soon be officially launched and at the disposal of our clients. The first is a universal payment confirmation solution, and the second is an MT to ISO 20022 convertor application. These two will be part of our Service Bureau offering as of next quarter.
Knowing that payment confirmation will be mandated soon by SWIFT, AEG took the initiative to develop a solution that addresses this need through creating an application that facilitates to the bank the process of sending a confirmation of received transfers both manually or automatically, while having the capability to integrate with the core banking applications.
On the other hand, while the format of financial messages changing from MT messages to ISO 20022 standard, AEG is developing a solution that facilitates the conversion of SWIFT MT type messages exchanged between the core banking applications and the SWIFT interface to ISO 20022 XML messages, this will help to avoid the need to update the core banking applications to support ISO 20022 XML messages.
The coming year is promising as it will hold new business opportunities with all the new payment technologies and emerging standards. AEG is always ready to provide the best for its clients and partners to achieve success together.
2019 in Few Words
With the new payment technologies that are changing the conduct of the financial industry lately and with the latest security measures being imposed on the banks, AEG is always looking forward to providing its clients with solutions that make the transition to new technologies very smooth and headache free. This past year, AEG has integrated into its offering a penetration testing service in collaboration with Rapid7, a risk assessment consultancy service, gpi payment application, a payment control and monitoring application, and a message dispatching and distribution application.
AEG Penetration Testing: a technical consultancy service by which a simulated cyber-attack is performed on an IT Infrastructure to evaluate the implemented security controls. The test is executed to identify misconfiguration, weaknesses and strengths.
AEG Risk Assessment: a consultancy service targeted to test various attack scenarios via table-top exercise using either ISO 27005 or NIST Risk Assessment framework. The outcome of this exercise is to check possible ways that an adversary can gain unauthorized access to compromise integrity, confidentiality or availability.
AEG gpi-PRO: an application that benefits from the SWIFT GPI tracking service and can be fully integrated with the bank’s core banking applications and internet banking services to help the banks easily tracking, monitoring and managing their transfers, offer their customers fast transfer possibility, an easy tracking and notification service and full transparency in handling the transfer.
AEG Payment Control and Monitoring: an application that allows the bank to better monitor and control all incoming and outgoing payments, implement rules and controls to detect and stop fraudulent activities, and implement messages reconciliation and correlation between back-office systems and SWIFT interfaces.
AEG SmartSMD (SWIFT Message Dispatcher): a solution that automates the manual processing and time-consuming distribution of SWIFT inbound messages and acknowledgements of outbound messages and tracking of executed and non-executed transfers.
On site visiting Frejus Teleport and Data Center
In response to Sonema’s kind invitation for a socialization trip to Monaco to watch Formula1’s Grand Prix taking place on May 26 and to visit Sonema’s premises, Dr. Sadek, CEO, and Mr. El Harakeh, Business Development Manager, were glad to accept the invitation and join Sonema’s team for an interesting weekend and an unforgettable experience.
Throughout the stay, various business discussions and topics of mutual interest were raised and it has been very fruitful. There will be many positive outcomes to these meetings that will be inevitably reflected on our mutual business as partners and consequently on the business of our clients as well.
Partnership with RAPID7
AEG is trusting RAPID7’s Vulnerability Scanner
AEG has always taken the initiative to provide its customers with the best solutions to best answer their concerns and address the challenges they are being met with. This proactive approach is not new to us and has always been the main drive and guide by which we do business.
This strategy we undertake implies that we ally with specialists and business partners to exchange knowledge and expertise in order to widen the capabilities for both sides. This partnership naturally reflects all its advantages on our customers, since they are to be served the latest technologies and the best technical support.
Rapid7 is advancing security with visibility, analytics, and automation delivered through an Insight cloud. Their solutions simplify the complex, allowing security teams to work more effectively with IT and development to reduce vulnerabilities, monitor for malicious behavior, investigate and shut down attacks, and automate routine tasks. Over 7,200 customers rely on Rapid7 technology, services, and research to improve security outcomes and securely advance their organizations. Rapid7’s on-premise option for vulnerability management software, monitors exposures in real-time and adapts to new threats with fresh data, ensuring you can always act at the moment of impact.
For more details, kindly contact our Sales team
AEG Penetration Testing
AEG is now providing a penetration testing service. It is a technical consultancy service by which a simulated cyber-attack is performed on an IT Infrastructure to evaluate the implemented security controls. The test is executed to identify misconfiguration, weaknesses and strengths. Vulnerabilities may include the potential for unauthorized parties to gain access to accounts, sensitive data, or the gaining privileges and so on. The outcome of this exercise is a report that highlights the weaknesses captured in the penetration test, its criticality and its exploitability level.
AEG’s extensive knowledge and experience in SWIFT infrastructure allows a deeper understanding of what is best practice in this field and hence put the bank in a real test scenario. Knowing the gaps and vulnerabilities in a bank’s infrastructure has become an urgent need, especially after the recent massive heists that had occurred. AEG highly recommends this exercise for all its customers as part of their cyber security plan.
AEG Risk Assessment
This is a consultancy service targeted to test various attack scenarios via table-top exercise using either ISO 27005 or NIST Risk Assessment framework. The outcome of this exercise is to check possible ways that an adversary can gain un authorized access to compromise integrity, confidentiality or availability.
This exercise is intended to evaluate whether the existing controls are enough or whether additional controls should be added. The scenarios are classified according to likelihood of impact on the organization. These are prioritized and forwarded for decision to the corresponding stakeholders. A report is generated showing results and suggesting risk treatment which is then evaluated by the bank for budgeting and handling.
AEG is urging its customers to assess their risks and take action toward their weaknesses and vulnerabilities in order to avoid any stay protected.
gpi-PRO: A Powerful Application
AEG is launching gpi-PRO application soon
Banks have been long striving to offer fast delivery of the payments with possibility for tracking the process, especially in the case of cross-border payments, as each bank has only been able to guarantee and share information of payments of its own.
SWIFT has launched the gpi – the new standard in global payments – to overcome money transfer challenges and create a quick and smooth cross-border payment experience.
In order to achieve a rapid and efficient adoption of gpi, AEG is offering “AEG gpi-PRO” – a new payment and tracking application which not only saves the bank all the trouble of going through development and testing, but also facilitates and automates the gpi payment process and tracking facility, along with many additional features, all the while being secure and free of human errors.
AEG gpi-PRO is a gpi payment and tracking application developed by AEG. It is dedicated to create gpi payments and allows the bank and its clients to track their payments in real time. The main role of it is to enable SWIFT gpi by converting corporate payment requests into gpi payments and by encapsulating gpi business logic and SLA requirements in payment transactions. And hence, AEG gpi-PRO is based on the available tools and capabilities of SWIFT gpi. It aims to enhance and facilitate gpi use by the banks. It integrates gpi with the functionalities and services of the back-office system and helps the banks offer tracking capability to their clients.
CSCF 2019
After the successful CSP projects in 2018 under Consultancy, Guidance and Support, and after the release of the CSCF 2019, AEG is following up with its customers in order to maintain their compliance.
It has been shared before with our customers that there are now 19 mandatory controls and 10 advisory controls; this implies that we will be further guiding our customers in order to assess the remaining gaps and perform regular checks on banks’ infrastructures to assure their compliance and their security.
