FOR IMMEDIATE RELEASE
9 June 2016, New York & London: Regulatory SaaS technology leader Opus announced today that Alacra, its KYC and reference data management platform, has signed a distribution partnership with OutsideIQ, the leader in risk-focused, artificial intelligence software. The agreement will make OutsideIQ’s DDIQ, the industry’s most advanced automated due diligence reports for compliance, available on Alacra, effective immediately. DDIQ uses artificial intelligence to simulate the cognitive processes of a human researcher to generate risk profiles on individuals and companies that are otherwise time consuming and costly to discover manually.
Alacra is the leading platform for client onboarding and Know Your Customer (KYC) solutions for financial institutions, while DDIQ is an industry-first, automated due diligence solution for AML, fraud investigations, third-party vendor screening, anti-bribery and anti-corruption compliance. The new partnership will allow the DDIQ due diligence reports to be available through Alacra-On-Demand, Alacra’s research fulfillment service. Later this year, DDIQ risk assessment reports will also be available through Alacra Compliance Enterprise (ACE), its flagship client onboarding solution.
DDIQ’s reports generate risk profiles on both companies and individuals in just minutes, providing comprehensive and in-depth global due diligence information. As the reports provide links to the data sources, they are fully auditable. This capability is even more critical as recent and upcoming changes to global KYC regulations will require the identification of and due diligence on beneficial owners.
“Alacra customers consistently ask us to identify new sources of information to help evaluate and reduce risk,” says Steve Goldstein, vice chairman of Opus. “DDIQ makes amazing use of artificial intelligence to create reports and provide a fast and effective view of an entity’s risk profile that can be used for enhanced due diligence. In conjunction with Alacra, DDIQ can be used as part of a firm’s workflow and for ad-hoc checks by banks, law and private equity firms, corporates, VCs, i.e. practically any organization that needs a fast and thorough risk assessment.”
“Alacra has a best-in-class solution that enables customers to manage due diligence in-house efficiently and we are excited to bring the auditable due diligence coverage that DDIQ is able to achieve to their customers,” says Dan Adamson, CEO of OutsideIQ. “By partnering with Alacra to bring DDIQ into its platform, we are creating a solution that ensures the depth of research is both thorough and highly efficient.”
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Alla Lapidus / John Norris
Tel: +44 (0) 20 7250 4770
OutsideIQ is the leader in due diligence cognitive computing and search. OutsideIQ brings together some of the world’s foremost experts on search with the best data scientists, big data professionals and software engineers to solve the complex problems of search for due diligence. Leveraging a proprietary approach to research via automated data-sifting with the data-interpretation skills of a human researcher, OutsideIQ is changing the way that the insurance and financial services industries vet their customers and handle their complex compliance requirements. For more information on OutsideIQ, please visit www.outsideiq.com
Opus is a compliance platform provider headquartered in Palo Alto, California, created through a $500 million partnership between GTCR, one of the world’s leading private equity firms, and Doug Bergeron, former CEO of VeriFone. Through direct investments and targeted acquisitions, Opus’s mission is to build the world’s leading compliance platform by integrating leading technology solutions addressing the increasingly complex compliance requirements and risks faced by companies across all industries. Currently, these include Alacra KYC/AML and Reference Data business information solutions for large financial services customers, and Hiperos 3PM solutions for large corporate clients across several large end market verticals including energy, financial services, manufacturing, real estate, life sciences, and technology.
About Alacra Reference Data Services
Knowing the identity and characteristics of third parties, customers and counterparties is critical to understanding business risk and meeting regulatory requirements. Alacra Reference Data Solutions transforms, dirty, duplicative and error-filled internal databases into clean, de-duped, enriched and consistently formatted “golden” copies that yield a better understanding of risk and relationships.
For more information about Opus, please visit www.opusglobal.com. For more information on our KYC/AML and Reference Data solutions, please visit www.alacra.com, and for more information on our 3PM solutions, please visit www.hiperos.com.