Accuity and Alacra have partnered to integrate data from Accuity’s Bankers Almanac with the Alacra Compliance Enterprise (ACE) workflow application. The partnership includes integration of Bankers Almanac’s Due Diligence Data File with ACE and is expected to increase the speed and efficiency of client onboarding.
The partnership has been made in response to client requests for integration and will allow ACE users to access Bankers Almanac data simultaneously with Alacra’s other datasets. The Bankers Almanac data can also be accessed by Alacra Risk Monitoring, a solution that monitors entities that are onboarded using ACE and can alert users to any status changes of banks that are noted in Bankers Almanac.
The Bankers Almanac Due Diligence Data File contains information on over 24,000 legal banking entities and more than 110,000 non-bank financial institutions, including corporate profiles, legal hierarchies, ownership data and key personnel. ACE can also provide links to Bankers Almanac Due Diligence, a database of current and historical Know Your Customer documents.
Alacra has relationships with about 100 different publishers and offers its clients access to almost 200 unique datasets. Steve Goldstein, CEO at Alacra, says: “Our partnership with Accuity is particularly exciting as Bankers Almanac is a key source of global information, a great brand and an excellent product. Our clients will still use Bankers Almanac for all sorts of research purposes, but to onboard new banks they will now most likely use ACE.” The integration of Bankers Almanac and ACE is complete and Goldstein reports that some Alacra clients, mostly large banks, are testing the solution. He also expects new clients to be attracted to ACE following the integration.
From Accuity’s perspective, Robert McKay, managing director of risk, says: “This is an important development in the availability of an exceptionally comprehensive reference data resource. I am confident our partnership with Alacra will provide the accessibility and functionality our shared clients have requested. I expect the partnership will present greater opportunities for new users to access our data.”
As well as adding Bankers Almanac to its data sources, Alacra is extending the functionality of its solutions. Next on the product roadmap is a new release of Alacra Compliance Web Services, a suite of application programming interfaces that enable seamless transition between a customers’ internal systems and the ACE application. In addition to facilitating automated import and export of data, Alacra Compliance Web Services can be used to embed ACE capabilities within existing platforms. Alacra Risk Monitoring, which is currently a fully integrated module within the ACE application, will be released as a standalone solution late in the first quarter or early in the second quarter of this year.