A number of suppliers of business entity identifiers got together to tout their wares to a small assembled crowd of practitioner firms in London earlier this month under the ISITC banner. Although there is an ISO process underway for a naming convention related to International Business Entity Identifiers (IBEI), this is a slow process and it may at least a year or two before any fruits of this labour are seen. Institutions still need a solution to the ever-growing problem of entity identifiers for regulatory purposes (KYC and AML for example), and no one believes the market will support just a single supplier. Instead, the aim is to encourage vendors to talk to each other and hope for agreement on contentious issues. As such presentations were given by firms including Accenture, Asset Control, Azimuth’s Azdex (reportedly teaming up with Deutsche Borse), Cicada’s Counterparty Link, Coexis, Dun & Bradstreet, Oracle, Standard & Poor’s, and others. Some firms declined to present their offerings with other competitors in the room, or were not ready in time. Companies including Adsatis’ CreditDimensions, IBM, London Stock Exchange and SunGard did not present. According to several attendees, however, it is not clear what direction ISITC intends to take to follow up on this meeting.
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IBEI Suppliers Tout Their Wares At London Gathering
Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings
A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...
HWM Group, a Dublin-based provider of investor services and regulatory solutions to alternative and retail fund administrators, has acquired the assets of Koger Inc., a global supplier of fund administration software. The acquisition strengthens HWM’s offerings in the fund administration and transfer agency technology space, allowing it to offer expanded fund administration and regulatory compliance...
TradingTech Summit London will explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility. Leveraging the cloud, AI and ML technologies to get an edge, automate processes and simplify operations in a cost effective way is the name of the game and will share practical insight from practitioners and technology leaders who are innovating and driving forward change in trading operations.
Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...