To date, Alacra’s Concordance services have been
deployed at about half a dozen firms split between investment banks, commercial
banks and accountancies. This is an important new product area for
us. Interestingly, each of the customers has purchased Concordance in a
different part of their organization in order to meet a different set of
internal needs. Here are three examples:
- A large US-based commercial bank asked us to cleanse and de-dupe about 250,000 client records and then append SIC codes, NAICS, GICs as well as a number of proprietary identifiers to create a single view of their largest customers. This file is updated weekly to include additional clients and to reflect corporate actions.
- A mid-sized European commercial bank asked us to provide mapped entity identifiers for all liquid securities, as defined by Markit Partners. Markit’s RED Code is the market standard that
confirms reference entities and their reference obligation pairs in the credit default swap (CDS) market. Every RED identifier was mapped to rating agency issuer IDs, KMV PID code, ticker, ISIN, SEDOL and more. This customer receives monthly updates.
- A bulge bracket investment bank asked us to cleanse and de-dupe over 100,000 client entries in their CRM system. Once the data was clean we matched and appended over 20 industry standard company identifiers to each client record so that external information could be easily accessed from their internal system. New clients of the bank are sent to us every day and we turn these around (cleansed, mapped and appended) in 24 hours.
In the sales process for these three deals we’ve spoken to
IT executives, reference data executives, managers running a firm’s CRM system
and data quality and data cleansing czars. There is widespread need for
cleansed, current entity data that reflects corporate actions and ties internal
records to external content. Alacra is now well positioned to meet this
need.
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