Alacra Concordance is an Entity Identifier Mapping service that enables organizations to more effectively manage their customer, prospect and counterparty information.

For financial institutions and professional services organizations, managing customer information is more complex than ever. Regulatory requirements and competitive business pressures require organizations to have an extensive view of their customers. Yet sales, marketing, CRM and risk applications are typically housed in separate silos with no means of sharing information.

Additionally, the regulatory landscape has changed dramatically over the past five years. KYC provisions of anti-money laundering and terrorist financing regulations require financial institutions to have a deeper understanding of their customers. Managing potential conflicts of interest and avoiding reputational risk demand knowledge of customers, prospects and counterparties. Meanwhile, market events, along with regulations such as BASEL II and MiFID require a more comprehensive assessment of potential operational and credit risks.

Notwithstanding all of these business and regulatory requirements, businesses and the technology systems that support them lack the ability to accurately identify business entities throughout their systems and to match those to other internal or external business systems.

Alacra Concordance helps organizations achieve a unified view of customer, prospect and counterparty information through the process of Entity Identifier Mapping. By mapping business entities within customer databases to external identifiers, Alacra Concordance provides organizations with a centralized set of entity reference data upon which it can layer application for risk management, regulatory compliance, CRM and marketing.