“Financial institutions are under tremendous regulatory and compliance pressure in a difficult economic environment. The Alacra Authority File helps solve a number of critical regulatory and compliance challenges in an extremely cost-effective manner,”
New York, NY (PRWEB) September 12, 2012
Alacra, Inc., a leading provider of online business information solutions, announced today the release of the Alacra Authority File, a database of core legal entity data attributes for over 170,000 global business entities, delivered to clients daily. The Alacra Authority File is a comprehensive source of entity reference data which expands, enriches and enhances publicly available data from the CFTC’s Interim Compliant Identifier (CICI) and helps financial institutions prepare for the upcoming release of the global Legal Entity Identifier (LEI).
“Financial institutions are under tremendous regulatory and compliance pressure in a difficult economic environment. The Alacra Authority File helps solve a number of critical regulatory and compliance challenges in an extremely cost-effective manner,” said Steve Goldstein, CEO of Alacra.
The Alacra Authority File (AAF) provides key legal entity reference data on large financial institutions’ core clients and counterparties. Using a global research team and proprietary monitoring software, Alacra carefully tracks these entities to alert customers to changes to name and address information as well as regulatory status, listing status, rating status and entity identifiers.
“It’s one problem getting the data correct once. It’s an entirely different and larger problem to keep reference data accurate over time,” Mr. Goldstein added. “While the accuracy of our data is unsurpassed, it’s delivering changes to the data that makes the Alacra Authority File uniquely valuable.”
The Alacra Authority File contains a growing set of over 170,000 global business entities. To be included in the AAF an entity must meet one of the following criteria: 1) the entity has a security listed on a global exchange; 2) the entity is rated by either Moody’s, S&P, Fitch or A.M. Best, 3) the entity is regulated by one of over 30 global banking regulators “approved” by Alacra or 4) the entity has been assigned either a CICI by the CFTC or, when established, a legal entity identifier (LEI).
The Alacra Authority File has been constructed with several use cases for a financial institution in mind. These include reducing reference data silos, accelerating the KYC remediation process and preparing an organization for the LEI. In addition to providing accurate reference data, the AAF can also include mapping to over 40 industry standard entity and industry identifiers including, but not limited to: CIK; BIC; FSA FRN; Markit RED; Moody’s, S&P and Fitch Issuer IDs; DUNS Numbers, SIC Codes, NAICs and GICs.
The Alacra Authority File is part of Alacra’s Counterparty Intelligence suite, which includes Alacra’s Concordance services for cleansing and de-duping customer and counterparty data and Alacra Risk Monitoring, which continuously queries premium databases for adverse news, sanction list hits and PEPs among client’s customers and counterparties.
Alacra is a leading global provider of business and financial information and solutions. Alacra provides innovative information solutions to more than 400 global financial institutions, corporations, and professional services firms. Alacra's workflow tools aggregate, filter, and custom package mission-critical business information from 200 premium databases and a hand-curated universe of 3,000+ web-based sources, delivering user-ready results for banking, compliance and reference data professionals. For more information about Alacra, visit the company's Web site http://www.alacra.com or call customer service at (212) 363-9620.
For further press information, please contact:
Carol Ann Thomas
1 212 806 3841
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