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Avox and Asset Control Integrate Business Entity Data Service with EDM Solutions

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Asset Control has decided to partner with entity data vendor Avox in order to extend its offering in the counterparty data business. The EDM vendor has integrated Avox’s business entity data service, including entity data and proprietary universal identification codes, into its solutions, AC Plus and Tapmaster.

The vendors claim the combined solution will provide financial institutions with an accurate, documented and auditable data management process for compliance and risk management purposes. Ken Price, CEO of Avox, explains the rationale behind the partnership: “By partnering with Asset Control, our mutual customers will be able to access validated and stress tested data, and freely distribute it across multiple source systems, business units and locations within their organisations – all from within Asset Control’s data management platform.”

Phil Lynch, Asset Control’s president and CEO, hopes the solution will offer its clients a proven centralised information framework and minimise the latency of this entity data. He explains that the partnership is part of the vendor’s focus on improvement of its offerings’ data quality and timeliness.

The partnership is set against the current background of cost cutting and the threat of vendor consolidation, as financial institutions focus their IT projects on key areas such as risk reduction measures. The counterparty data management sphere has garnered a lot of media and board attention following the collapse of Lehman last year and the ongoing financial crisis.

Lynch admits that it is this climate of intense scrutiny that led the vendor to expand in the counterparty data space. “It is an environment in which the ability of financial institutions to minimise credit, counterparty and operational risk remains crucial,” he adds.

According to Price, the vendors already have one client in common that has indicated it will use the service and another is expected to sign up soon.

Avox signed a similar partnership agreement with Asset Control’s competitor, GoldenSource, in February last year. Gert Raeves, senior vice president of strategic business development and marketing at GoldenSource, explained at the time that Avox had mapped its data feed format to a GoldenSource database structure.

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