Avox, the business entity data specialist and GoldenSource, a leading software provider of Enterprise Data Management solutions have announced a strategic partnership that will allow financial firms to utilize fully verified and ‘’stress-tested’’ business entity data across their entire organization.
The partnership between Avox and GoldenSource means that mutual clients will now be able to easily integrate the Avox business entity data service with the GoldenSource EDM platform. Enterprise data management (EDM) refers to the process required to enable disparate data sources to share information from a centralized platform. The business entity data is updated daily with all changes identified by the international consortium, complete with an Avox generated audit trail listing the authoritative sources used to verify data accuracy, in line with regulatory requirements.
“Avox’s global network of contributing clients, in conjunction with our first class research team, authoritative sources and global news feed partners generate the most complete and timely business entity data possible,” said Ken Price, CEO of Avox. ‘We are delighted that by partnering with GoldenSource our mutual customers will benefit enormously from access to this validated and stress-tested data. They will then be able to freely distribute this data across multiple source systems, business units and geographical locations within their enterprise, all within the secure GoldenSource EDM solution”.
Gert Raeves, VP Business Solutions at GoldenSource added, “We are constantly striving to improve the level of service we deliver to our clients, and an important part of this is for our EDM solution to have access to the best specialized data services possible. Business entity data has long been an underserved area without authoritative sources or generally accepted global standards. Avox offers a compelling proposition to the market, by leveraging timely business entity data from an international collaboration of some of the largest and most respected financial institutions in the world.”
Data quality and its continual availability are critical to operational efficiency, timely compliance, customer service and controlling risk. Keeping business entity data up-to-date and consistent across a diverse organization represents an enormous and constantly changing challenge. The increasing pressures of AML regulations and KYC implications within Basle II and Sarbanes-Oxley, require financial institutions to prove that they have a documented and auditable data management process.