CounterpartyLink chooses Datactics for Matching and Data Quality
Datactics Ltd, a market leader in data quality and matching software to the capital markets and government, today announces that CounterpartyLink (CPL), the global legal entity source for KYC-relevant financial compliance data, has purchased its flagship product FlowDesigner to enhance its data matching and research capabilities.
CPL ran a comprehensive proof of concept using Datactics robust and intuitive data cleansing and matching engine to match, validate and integrate the financial industry LEI’s to CPL’s database of over 350,000 entities - refreshing every entity on a daily basis with the updates from the 15 LOU’s.
Datactics FlowDesigner enables users to build complex projects quickly and easily. As part of the project CPL data analysts, who were not programmers, built sophisticated data scrubbing and fuzzy matching logic which integrated with CPL’s existing entity data workflow.
CPL has calculated that up to 25% of entities undergo change to their key compliance data each year and CPL ensures its’ clients of global banks and financial institutions receive accurately maintained reports on their counterparties. CPL has already expanded the use of Datactics to further enhance this critical maintenance service, including additional uses for Datactics’ FlowDesigner relating to FATCA, Dodd Frank and KYC.
“Datactics provided us with a complementary solution that integrated easily with our existing workflows and was implemented quickly - in a matter of weeks, not months,” said Carl Needham, CPL’s Director of Operations. “CPL is constantly researching more than 1,000 government registries and regulators and this colossal task requires fast and efficient identification of change in source documentation. Datactics has vastly improved the speed of our matching capability and this is vital to our business. This easy-to-use software has enabled us to accelerate and simplify many core tasks.”
Commenting on the deal, Stuart Harvey, Datactics CEO said, “We are pleased to do business with a global information specialist like CounterpartyLink. We have always believed in putting power back into the hands of the data analyst which makes it especially exciting to see the adoption of our software by CPL’s content experts.”