As mutual members of DTCC’s suite of Reference Data Services, Avox is pleased to announce the launch of the Clarient Public Know Your Customer (PKYC) Service. The Clarient PKYC Service is offered via the Clarient Entity Hub, created in response to the industry’s call for a single, global platform to collect and manage client reference data and to establish uniform data standards and consistent processes.
The Clarient PKYC Service brings relief to banks and broker dealers struggling with the operational challenges and higher costs of internally managing KYC data and documentation requirements. The Service provides standardized, verified legal entity data and associated evidence sourced entirely from the public domain and distributes it to the requesting consumer directly, with no disturbance to the providing entity. Thereby supporting client onboarding processes, periodic or ad hoc client reviews, and all with an audit trail to relevant source documentation.
Avox Managed Data Service (MDS) data serves as the foundation (or “accelerator”) for the Clarient PKYC service, providing 58 fields of public research data on nearly two million entities. Information for these data fields includes identifiers like LEI and SWIFT BIC, Addresses, Industry Classifications and Corporate hierarchies. Evidence and documents are then captured and delivered through the Clarient platform as evidentiary support of the public data.
“Clarient’s PKYC service holds a unique position in the marketplace as it leverages Avox’s nearly two million entities to accelerate public data requests. This is a key differentiator to our competitors,” said Matt Stauffer, CEO of Clarient. “Responding to evolving industry challenges, DTCC is in the process of integrating its entity data services including Avox and Clarient as well as ALERT, Global Markets Entity Identifier (GMEI) and Counterparty Reference Data and Service (CRDE) to offer clients a holistic and comprehensive suite of solutions for the management of entity data and documents required throughout the client lifecycle. The Clarient Public KYC Service marks the first major milestone for the integration of DTCC data assets.”
For more information regarding the Clarient PKYC Service, please visit www.clarientglobal.com/pkyc.