The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Avox and GoldTier Partner on Enhanced ‘Know Your Customer’ System

Share article

Avox, a supplier of legal entity data on financial entities globally, announced today that it has partnered with GoldTier, a compliance software provider, to create an enhanced system to help the financial industry comply with increasingly strict regulatory “Know Your Customer” (KYC) requirements.

GoldTier is a leading provider to financial firms of software for onboarding new clients in compliance with KYC regulatory requirements. Having reliable and up-to-date due diligence on potential clients is necessary to comply with KYC and similar regulatory requirements. The incorporation of Avox data into GoldTier’s onboarding system will provide financial institutions with streamlined access to constantly updated, quality data throughout the client management lifecycle.

“The combination of our data offering with GoldTier’s onboarding software enables our mutual clients to realise the benefits of having quality data integrated into their daily processes,” said Ken Price, CEO of Avox, a subsidiary of the Depository Trust & Clearing Corporation (DTCC). “The data provided by Avox is continually validated by our global client network and by our first class research team, supported by authoritative information sources. This data is linked back to a verification audit trail to ensure complete transparency during regulatory audits.”

Price noted that having access to verifiable client data during the onboarding process was essential to making informed decisions on a client’s risk. He also noted that it was equally important to maintain the quality and accuracy of that data as a client’s circumstances change. “By volume, ongoing maintenance of the profiles of the entire base of existing clients is often more laborious than the onboarding of new clients,” Price said. “By pairing technology and quality data feeds to automate these maintenance processes, we can create an opportunity for cost-effective scaling.”

Regular feeds of updated client information from Avox will trigger GoldTier’s automated KYC risk re-calculation and review processes. GoldTier system is a global, cross-product platform, and adding Avox’s data will help create a system that provides a data-triggered KYC rolling review across the business.

“This partnership pairs the GoldTier system’s industry-proven client data model with Avox’s industry-proven client data,” noted Matthew Tebaldi, president and COO of GoldTier. “By combining our capabilities, ongoing updates to client data can be processed in a compliant and cost-effective manner. We’re excited to welcome Avox into the growing group of GoldTier clients and partners.”

Related content

WEBINAR

Recorded Webinar: Adopting Entity Data Hierarchies to Address Holistic Risk Management

Firms across the board are struggling to gain a comprehensive view of their counterparty risk. In the wake of the Credit Crisis, regulators have increased their focus on pushing firms to not only better understand risk exposure, but also be able to provide evidence of the analysis they use to create their view of risk....

BLOG

Mphasis Partners with iMeta on AI-Driven KYC Model

Cloud and cognitive specialist Mphasis has launched a brand new strategic partnership with the UK’s iMeta Technologies, a provider of onboarding, client lifecycle and master data management software and services, to deliver a next generation onboarding model for the UK and Europe that aims to disrupt the traditional KYC market through the use of AI....

EVENT

Data Management Summit London

Now in its 10th year, the Data Management Summit (DMS) in London explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...