Avox, a wholly owned subsidiary of The Depository Trust & Clearing Corporation, DTCC, has launched a series of web-based application programming interfaces (APIs) designed to support faster access to legal entity data, including legal entity identifiers (LEIs), legal names, addresses, industry classifications and corporate hierarchies.
Founded in 2003 in cooperation with several financial institutions that required a more efficient mechanism for delivering better data in a timely manner, Avox provides legal entity data services. Clients of Avox form a community that subscribes to a shared pool of data, processes and resources. This community collectively addresses data quality issues by sending counterparty data to be researched and validated by expert analyst teams at Avox.
The collaborative approach ensures that clients are dealing with the most accurate and timely data available, and facilitates efficient and compliant regulatory, transaction and risk reporting. All clients benefit from the rapid notification of changes made by each other and the quality checks made by the Avox team.
Avox leverages the many thousands of client and counterparty relationships each of its participants has around the world ranging from Allianz Group, Deutsche Börse, Royal Bank of Scotland, Barclays Capital, Citigroup, Clearstream, Eurex, MUFJ, Nomura International, Standard Bank and SWIFT. It also has local operations in an aggregate of over 100 international business centers, Avox clients are constantly being made aware of changes being made to corporate information including ownership structures, locations, business lines and regulatory status.
Previously, Avox services have been available via a web portal found at www.avoxdata.com or in a flat file for end-of-day delivery. The introduction of web services means data can now also be delivered on a request/response basis, and will enable clients to draw Avox content directly into in-house applications or using enterprise data management (EDM) technology partners.
The launch provides search, subscribe and update functionality for data across the entire Avox database of over 1.7 million entities, along with the ability to request the sourcing of data on new legal entities in more than 180 countries.
Mark Davies, Managing Director of Avox, said: “We recognise that our clients require high standards of data accuracy and completeness and now more than ever the timeliness of updates is critical. This release is a critical step to help our clients to achieve their aim of much needed STP in the sourcing and ongoing maintenance of legal entity data.”