• Press Room
  • Press Releases
    • 2012
    • 2011
    • 2010
    • 2009
    • 2008
    • 2007
    • 2006
    • 2005
    • 2004
    • 2003
    • 2002
    • 2001
    • 2000
    • 1999
  • Media Contacts
• Newsletters
• Video

News Center

Press Room

AVOX and GoldTier Partner on Enhanced 'Know Your Customer' System

Compliance with KYC just became easier and less costly for the financial services industry based on a new strategic partnership between Avox and GoldTier

London, November 17, 2010 - Avox, the leading supplier of legal entity data on financial entities globally, announced today that it has partnered with GoldTier, a leading compliance software provider, to create an enhanced system to help the financial industry comply with increasingly strict regulatory “Know Your Customer” (KYC) requirements.

GoldTier is a leading provider to financial firms of software for onboarding new clients in compliance with KYC regulatory requirements. Having reliable and up-to-date due diligence on potential clients is necessary to comply with KYC and similar regulatory requirements. The incorporation of Avox data into GoldTier’s onboarding system will provide financial institutions with streamlined access to constantly updated, quality data throughout the client management lifecycle.

“The combination of our data offering with GoldTier’s onboarding software enables our mutual clients to realize the benefits of having quality data integrated into their daily processes,” said Ken Price, CEO of Avox, a subsidiary of The Depository Trust & Clearing Corporation (DTCC). “The data provided by Avox is continually validated by our global client network and by our first class research team, supported by authoritative information sources. This data is linked back to a verification audit trail to ensure complete transparency during regulatory audits.”

Price noted that having access to verifiable client data during the onboarding process was essential to making informed decisions on a client’s risk. He also noted that it was equally important to maintain the quality and accuracy of that data as a client’s circumstances change. “By volume, ongoing maintenance of the profiles of the entire base of existing clients is often more laborious than the onboarding of new clients,” Price said. “By pairing technology and quality data feeds to automate these maintenance processes, we can create an opportunity for cost-effective scaling.”

Regular feeds of updated client information from Avox will trigger GoldTier’s automated KYC risk re-calculation and review processes. GoldTier system is a global, cross-product platform, and adding Avox’s data will help create a system that provides a data-triggered KYC rolling review across the business.

“This partnership pairs the GoldTier system’s industry-proven client data model with Avox’s industry-proven client data,” noted Matthew Tebaldi, President and COO of GoldTier. “By combining our capabilities, ongoing updates to client data can be processed in a compliant and cost-effective manner. We're excited to welcome Avox into the growing group of GoldTier clients and partners.”

About GoldTier
GoldTier offers a full-featured application for client onboarding and KYC compliance that caters to the complex needs of global financial institutions. The solution integrates policy, process, document and data management with a proven client data model to deliver a seamless end-to-end onboarding experience for users from the front office through compliance, credit, legal, tax and operations. For more information, visit www.goldtier.com.

About Avox
Avox, a majority-owned subsidiary of DTCC, validates, corrects, enriches and maintains business entity reference data. This includes data such as corporate hierarchies, registered address information, industry sector codes and company identifiers. The company was founded several years ago in cooperation with several financial institutions that required a more efficient mechanism for improving data quality and timeliness. The Avox operational model is unique in the industry. Its success stems from the continuous enhancement and customization programs in place for each client. Financial institutions participating in Avox form a Community that collectively addresses poor client, issuer and counterparty data quality. The Community participants, which include some of the largest banks and asset managers in the world, both contribute and subscribe to a shared pool of data, processes and resources.

About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, visit www.dtcc.com.