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AEG NewsletterFourth Quarter - 2019 | Issue #8 |
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“2019 has been a good year, full of productivity, commitment, shared efforts, and collective triumphs”
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Word from the CEO
This past year has witnessed a number of accomplishments and advancements on technological and business levels. We managed to launch a number of new inhouse-developed applications addressing various incurring business challenges and needs that were tested and piloted successfully. Moreover, we have completed a number of security and non-security projects in the area, especially in Jordan and Bahrain. And we were able to complete all SWIFT requested updates and upgrades on time for all of our clients. This year has also witnessed over 15% of growth in the company manpower in various technical areas. This gives us an extra edge in serving our clients, especially with the upcoming launching of our new Service Bureau in France that will go live within the first quarter of 2020. Furthermore, during 2020, we will be expanding our presence wider in the markets we cover as we will be opening additional branches in the Gulf area and in Africa. The new branches will facilitate our reach and will bring us even closer to our clients. We have high hopes for next year. We will be developing new products and further enhancing our offerings to better suit the growing needs of our clients. Dr. Mohamed Sadek – CEO and General Manager 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. Events 2019 As it is the habit every year, AEG has exhibited in 2019 at a number of SWIFT events like ARC, TMERC, and at the top of the list, Sibos, where AEG takes an active role in participation and exhibits over a wide booth area amongst its partners, clients and peers with over 11,000 participants sharing and exploring the latest financial topics and trends. Moreover, throughout the year, AEG has organized a number of roadshows to get in touch with clients and launch new products and services. AEG at TMERC 2019
Under the title “enabling the digital economy”, AEG participated in SWIFT Middle East Regional Conference for the Turkey and MENA region (TMERC) in Istanbul, Turkey. The event had more than 400 participants from more than 15 countries that took place in November 2019. AEG was present at the event as an exhibitor. Many topics were discussed during this important event, covering gpi Payment Solutions, CSCF Program updates, evolution of the SWIFT Portfolio Timeline as well as ISO 20022 adoption topics. AEG representatives had the chance to meet with many clients and visitors to discuss many of AEG’s latest top of the line solutions, like AEG CSP-related solutions, AEG Corporate Payment Solution (CPS), in addition to demonstrating AEG’s latest solutions in relation to gpi payments, message dispatching and payment control and monitoring solutions. Our new solutions are always met with high interest from the financial and the banking community participating at the event. AEG Roadshow in Egypt
Following the development, testing and piloting of our new products, we held a Roadshow in Cairo - Egypt on December 10th to launch our latest developed applications: gpi-PRO, Payment Control and Monitoring Application, and SmartSMD.
We had the opportunity to meet with our clients in Cairo and demonstrate our latest products addressing their needs. We also provided a brief on the evolution of SWIFT CSCF Program and the 2020 controls. We were met with enthusiasm and eagerness from our clients to learn more about what AEG has to offer. Meeting with our clients was very rewarding and fruitful as we took the opportunity to answer their raised questions and concerns and further discuss with them the future of the industry in the African region.
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.
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In This Issue |
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01. 2019 in Few Words |
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02. Events 2019 |
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03. 2020 Outlook |
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04. 2019 Highlights |
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“2019 has been a very busy and productive year, and the best is yet to come”
“AEG keeps a close distance with its clients and partners through events and roadshows in order to provide the best”
2019 Highlights ü 500+ successful migrations to SWIFT release 7.3/7.4 ü 1000+ Successful on-site interventions ü 5000+ Successful off-site interventions ü 200+ new contracts signed ü 5 new products and services ü 15% growth in human resources |
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I would like to wish you all happy holidays and a prosperous
new year filled with success and many achievements. 2019 has been a good year
for us, full of productivity, commitment, shared efforts, and collective
triumphs.
