Customer Information File as a 'Certified Adapters' successfully concluded.

Avaloq and BBP have successfully met standards as 'Certified Adapters' for integration in the area of Compliance–Customer Information File.
Avaloq banks can now check client data against sanction and PEP lists, and process this information directly in the Avaloq Issue Tool.

The new 'Avaloq Certified Adapter' has been in successful operation for several months and passed certification straightaway. Additional Avaloq banks have decided to implement this solution and even more have expressed their interest in the service.

Avaloq and BBP have been cooperating closely for more than a decade. Along with the standard interfaces to the BBP Interbank-Gateway for connection to SWIFT, SIC/euroSIC and SECOM, two proven interfaces for money laundering prevention are available:

• Transaction verification: The Avaloq Standard Adapter controls STP transaction flow to the interbank services. These transactions can be checked against embargo lists in real time (ex-ante), and if results are positive, transmission is prevented.
• Customer Information File: BBP’s Compliance Filter CIF takes over the client data from the Avaloq Banking System, and by means of definable algorithms compares it with the embargo and PEP lists defined by the bank. Relevant cases are then automatically sent back to the Avaloq Issue Tool.

Today over 15 Avaloq banks are benefiting from their partnership with Avaloq - BBP. The BBP solutions can be operated in house or SAAS (software as a service) in the BBP ServiceBureau.