The two innovative firms bring a new approach to tackle continued challenges faced by financial institutions: lack of comprehensive and high-quality data on legal entities as well as technology that users in compliance, risk, finance, and operations struggle to use.
Dedicated to the financial services industry, Joss Technology is focused on disrupting the entity data management space. The company offers the only specialized platform that enables firms to achieve that elusive consolidated view of counterparties, customers, accounts, brokers, custodians, issuers, and so forth.
OpenCorporates is an open online database of corporate entity data already providing information on more than 80 million companies in over 75 jurisdictions. Its stated objective is to share data on corporate entities in order to build the world’s largest openly licensed database of companies. The information is available through searches on its website as well as flexible APIs.
“Open data is a driver of innovation, competition, efficiency and sharing. We exist to make information more accessible, more discoverable and more usable, and thus provide the ability for institutions to better understand and monitor their counterparties and for regulators to better supervise and uncover systemic risk” says Chris Taggart, OpenCorporates' London-based co-founder and chief executive officer. “One of the hurdles in making our content deliver its full potential is the need to integrate banks’ internal data with our records. This is why we are thrilled by our collaboration with Joss which provides that final touch point within the banks’ internal systems.”
“In addition to standard ETL and mapping capabilities, our Entity Data Management System leverages fuzzy matching technology to simplify the data reconciliation process financial institutions need to go through to integrate data from a variety of internal and external sources” says Olivier Schlatter, Co-Founder of Joss Technology. “The combination of our data management tools and workflows with the vast datasets available through OpenCorporates responds to several needs expressed by our clients: reduce manual reviews, lower the need for data remediation, and increase confidence in quality and completeness of information used for compliance and risk reporting”.
“Collaborating with OpenCorporates was an easy decision for us to make. Financial institutions look for content to validate and enrich their data as well automate processes such as client onboarding and KYC/AML. They look for data sources that are comprehensive but that can also provide high levels of accuracy and granularity” says Marco Sablone, Director Global Sales & Marketing at Joss Technology. He adds: “The issue of data provenance is becoming increasingly important for the firms we work with and OpenCorporates provides full provenance information. Last but not least, the commercial model they propose is radically different from what we have seen in the marketplace so far and will resonate with firms trying to keep an eye on data costs”.