One issue that has hampered the reference data business for years is the lack of new approaches to tackling a growing problem: Avox employs an innovative approach to helping clients improve business entity data quality. A hybrid between a conventional data vendor and a contracted data cleansing firm, Avox is able to provide the benefits offered by both models.
Avox does not only act as a knowledge sharing facility but also offers services to ensure highest data quality. Even if no external event triggered a manual research activity, Avox guarantees that each legal entity is checked for accuracy at intervals agreed with each individual client.
Reference data is often wrong simply because it is out of date. Avox participants publish all changes identified in their daily activities in the Avox data pool, where our data analysts revalidate and broadcast it back out to the Avox Community. Over 70 percent of all changes to Avox Core data stem from the participants. Access to the Avox network means access to the most valuable information source for company events that exists in the market.
Avox clients can instantly verify the data by following the corresponding, field-level audit trail which points to corroborative sources.
Cleansed data records are sent back to clients in their required format, thus removing the hurdle of the re-integration of data.
Any firm can claim excellent data quality. Avox provides hard benchmarks to prove the quality of its data against the shared industry data pool.
Avox clients retain ownership of their data. Their participation in Avox entitles clients to complete data validation, enrichment and correction, including an extensive audit trail on a field-by-field level. The data values can be circulated without limit. The audit trail can be circulated within the firm and to regulators with no additional license requirements.
No contributor or data consumer will learn of relationships between Avox participants and the legal entities they contribute to. Indeed, Avox itself has no knowledge of the nature of the relationship between its participants and any contributed entities.
Avox assigns a unique identifier to each business entity it validates for its clients. This number (the Avox ID, short AVID) can be delivered back to the client upon request. Perhaps more importantly, Avox maps each client's existing internal business entity identifier to the AVID so it is not necessary for Avox Community members to physically add another identifier to their infrastructure. Avox is collaborating with a variety of industry participants to ensure the AVID is consistent with the global IBEI approach to facilitate fast and reliable identification of all parties involved in any transaction process.