The Avox unit of Deutsche Boerse AG has announced the signing of a three-year agreement with the global financial cooperative Swift to maintain data records in Swift's bank identification code database.
Avox specializes in the validation, enrichment, cleansing, and maintenance of corporate data. The company said Thursday that it validates data acquired from clients using independent research and corrects errors in the data records. Its clients include Citigroup Inc., the Barclays Capital unit of Barclays PLC, Standard Bank of South Africa, and Dresdner Kleinwort Ltd.
Swift, formally the Society for Worldwide Interbank Financial Telecommunication, supplies standardized financial messaging services and interface software to 8,100 financial institutions in 207 countries and territories.
The cooperative, whose messaging customers include several central banks in Europe, is also involved in establishing the Single Euro Payments Area, a cross-border automated clearing house network. As part of Sepa, bank identification code and international bank account numbers are to be required on all payment instructions.
