PolarLake Ltd. a leading provider of reference data distribution products is pleased to announce that it has signed an alliance agreement with CounterpartyLink Ltd., a provider of global client, counterparty and issuer legal entity reference data.
Commenting on the agreement, PolarLake CEO John Randles said, “Distribution of reference data to downstream systems is becoming the key focus for EDM initiatives, and PolarLake provides the world’s first purpose built product to tackle the challenge - PolarLake’s RDD (Reference Data Distribution). PolarLake RDD enables the distribution of golden copy reference data to multiple downstream systems in 75% less time, and utilizing 80% less resources than traditional data integration solutions. This decreases business risk, and the product allows a firm to control and monitor its reference data distribution in a unified way, which promotes progressive improvements in data quality end-to-end throughout the enterprise. Our RDD product works with all forms of reference data, but we are of course seeing much interest in legal entity and counterparty data in support of regulatory compliance and risk. PolarLake RDD does not normally interface directly with data feeds, but is more commonly placed between a golden copy repository and the downstream consumers, however we are keen to develop our relationships with all the data vendors as ultimately we are working with their data and we are ensuring that it gets to the right place, at the right time, and in the right format. We are delighted to have the opportunity to work more closely with CounterpartyLink as they are a key provider of legal entity data.”
CounterpartyLink CEO Christoph Lammersdorf said, “We have seen the progress that PolarLake has been making in the reference data space to date, and are delighted that we have been able to create this alliance with them. CounterpartyLink’s business is focused solely on the collection, maintenance and provision of the highest quality legal entity data to clients, obtained from authoritative sources such as company registry authorities and regulators, and the convergence of regulatory compliance and data quality requirements at the client are driving the offerings of both companies. We now look forward to working with PolarLake to jointly better meet the needs of our mutual prospects and clients by making sure that our relevant, high quality entity data can feed the important applications that are in place to meet their KYC requirements from the opening of accounts in front offices to risk management and compliance checks in the back and middle offices.”