Datactics has won its first customer in Iceland, Arion Bank, which will use the company’s RegMetrics and Single Customer View data quality solutions to support an enterprise data management programme.
The bank selected Datactics after a competitive vendor selection process that included a technically demanding and tightly specified proof of concept across three departments, each of which depends on high quality data for business operations and regulatory reporting.
Höskuldur Hlynsson, data officer at Arion, says: “The Datactics team impressed us with its commitment to the exercise and the high quality of its tools. The integration with our systems and data sources, and capability to process large datasets, enables us to quickly identify data in breach of quality rules, including the rules of BCBS 239. In addition, Datactics demonstrated that it could match and standardise disparate datasets to support our anti-money laundering (AML) processes. We are also excited about the potential to automate a number of manual tasks, which would deliver efficiencies for our back-office teams.”
While Datactics RegMetrics will provide Arion Bank with support for compliance across BCBS 239, AML and some elements of IFRS9 regulation, the implementation of the company’s Single Customer View will help the bank get a single view of its customers. This can be cross-checked against Iceland’s national registry that includes all individuals who are permanently resident in Iceland and have a unique national identification number, or Kennitala.
Stuart Harvey, Datactics CEO, comments: “The banking sector is highly-regulated and has constant demands on its data. We’re seeing many of our clients in this sector provide us with evolving and developing requirements founded on data quality and remediation. Working with Arion has been a fantastic way to engage with a highly technical and highly capable team.”