Avox, the leading counterparty data verification network, announced today that it was chosen by SWIFT, the global financial cooperative, for the cleansing and maintenance of data records in its BIC (Bank Identification Code) database.
Under the 3-year agreement, Avox will be instrumental in empowering SWIFT's business entity reference data quality and universal identification for the benefit of the financial community.
The BIC database contains the fundamental information required for unique business entity identification which consists of the company's name and the registered address. The BIC data base enhancements will enable SWIFT's over 8,100 customers to increase their reliance on the content and participate in the update notification process for improved data quality and timeliness. Ultimately, both SWIFT users and Avox customers will benefit from an increased amount of stress-tested data.
"We chose Avox based on its collaborative business model and quality data standards which complement our co-operative nature," said Chuck Wiley, senior product marketing manager, SWIFT. "The financial community will benefit from Avox's commitment to excellence and outstanding track record."
"We are pleased to team up with SWIFT and to be able to further expand our data services. Working in partnership with SWIFT provides the foundation for a truly global and industry funded business entity identification hub", said Ken Price, CEO of Avox.