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CounterpartyLink and Alacra Extend Services to Accelerate Customer On-Boarding - Provides a seamless link to CPL’s rich legal entity data and delivers automatic alerts of entity changes without leaving Alacra’s ACE solution. Investigate ultimate beneficial ownership to 10% - CounterpartyLink.com
CounterpartyLink and Alacra Extend Services to Accelerate Customer On-Boarding

 

PRZOOM - /newswire/ - London, United Kingdom, 2014/02/18 - Provides a seamless link to CPL’s rich legal entity data and delivers automatic alerts of entity changes without leaving Alacra’s ACE solution. Investigate ultimate beneficial ownership to 10% - CounterpartyLink.com.

   
 
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CounterpartyLink (CPL), the trusted source of evidence-based legal entity intelligence, today announces that it has teamed-up with Alacra, Inc., a leading provider of business information solutions for financial institutions and professional service firms, to offer CPL legal entity intelligence within Alacra Compliance Enterprise (ACE), Alacra’s award-winning client on-boarding workflow tool.

Alacra Compliance Enterprise (also known as “ACE”) helps financial institutions reduce the burden of regulatory compliance by streamlining KYC-related activities and helps reduce regulatory, financial, legal, and reputational risk. ACE provides simultaneous access to information from external premium databases, websites and internal watch lists, simplifying and shortening due diligence processes and ensuring new customers can be properly validated before becoming active.

The combination of Alacra and CPL means that Alacra’s ACE customers have new levels of convenience and support for screening, customer on-boarding and other KYC-related activities. When entity information changes, users are automatically alerted and can drill down into CPL’s validated and auditable legal entity information to investigate further. Direct access to registration documents and others from primary sources that are required to verify an entity, uncover directors, changes in directors and legal structure, and beneficial ownership structure - down to 10% - are available at the touch of a button, reducing the time and cost involved in due diligence processes.

Further, the coming together of these two trusted services creates a proactive compliance environment that allows institutions to cut down on the time and effort it takes to collect, screen, and manage client information for new and renewal customer due diligence. It provides one single view of counterparties across the enterprise; it improves regulatory interactions with audited documentary evidence, and assists in the many other KYC-related activities.

The two firms’ alliance dates back to 2007 when Alacra and CPL combined their services to help drive sustainable improvements to transform the KYC processes for customers.

“CPL and Alacra have each led fundamental transformations in the regulatory compliance market,” said James Redfern, managing director of CounterpartyLink. “By combining our unique strengths, CPL and Alacra will accelerate the delivery of customer on-boarding delivering a single point of access to entity information, with accuracy and at a much lower cost. That’s where we can make a real difference.”

“We have seen a significant increase in uptake of our counterparty intelligence services over recent years, and we are only too aware of the need to continue to enhance our service capabilities to help our customers meet their ongoing regulatory obligations." Redfern continued.

Collecting, validating, maintaining and delivering up-to-date information on entities and directors, and performing due diligence checks are time-consuming and duplicative tasks. Financial institutions are continually pressured to improve efficiencies whilst gaining compliance with global regulators.

“CPL and Alacra share a common vision,” said Steve Goldstein, CEO of Alacra. “Together, we are helping customers achieve compliance success using innovative solutions. Our mutual mission is to deliver high-quality, reliable services and solutions that will support critical regulatory obligations across the globe. This latest enhancement to our ACE solution is fantastic. We are helping customers to realise tremendous economic and business benefits from unified services.”

 
 
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CounterpartyLink and Alacra Extend Services to Accelerate Customer On-Boarding

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Contact: Tina Snelling - CounterpartyLink.com 
+44(0)20 7220 4432
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any CounterpartyLink securities in any jurisdiction including any other companies listed or named in this release.

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