Datanomic and World-Check deploy joint KYC asset management implementation

Source: Datanomic

Datanomic, the data management software provider, today announced that, in partnership with World-Check, it has implemented a comprehensive Know Your Customer (KYC) matching solution for a leading international asset management firm. The implementation enables the organisation to automate the matching of its extensive client base with World-Check, the world's most widely used database of sanctioned entities, organisations and Politically Exposed Persons (PEP's).

Datanomic has developed a comprehensive, customisable template of matching rules that make it fully compatible and capable of delivering World-Check's critical intelligence to institutions that need to automate their KYC and PEP screening processes. World-Check's highly structured database, currently used by 43 of the 50 largest global banks, is updated daily and derived from hundreds of thousands of sources, including more than 100 sanction and embargo lists from around the world, which are constantly monitored, updated and enhanced. Datanomic's template significantly reduces the time and cost of implementing an automated matching solution across a financial services organisation, while still providing the user the flexibility to adjust the rules.

Datanomic's technology also significantly reduces the downstream effort in reviewing possible matches by remembering and automatically processing the manual decision. Additionally, the numbers of possible matches that require manual reviewing are reduced by matching across multiple fields, not just the name field only, while also preventing the risk of missing matches by using built in resource files that understand name aliases. This flexible capability allows for matching rules to match a record with the forename initial of "A" with "Tony", which is the shortened version of Anthony for example.

"We are very pleased to be working with a company which recognises how data quality can impact on the success of matching data," said David Leppan, CEO of World-Check. "We are delighted that together with Datanomic we can help ensure the success of KYC projects and maximise the value of the World-Check Data file."

Datanomic CEO, Laurie Mascott, commented: "This deployment further cements our relationship with World-Check. By working together, we can provide an integrated solution of best of breed matching technology, and sanctions and PEP data, enabling regulated organisations to reduce their exposure to risk."

Comments: (0)