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Introduction

With banks processing transactions as the intermediary, one or more of the parties involved in the transaction may be unknown to the bank. Such customers are known as Counter Parties, entities or pseudo-customers. One entity (counter party/pseudo-customer) may be represented by different names, either intentionally or simply misspelled.

In order to reconcile the Counter-Party differences, we have developed the Counter-Party consolidator. It receives Counter-Party information as input and return the entity (existing party) that matches the party name, account number and/or address.

Main features:​

  • Simple and fast: processes 1_000_000 wire transactions in less than 30 minutes.

  • Repeatable: run the same file twice does not affect the results.

  • Easy rollback: since we save the offset of party id, entity id and txn id, rollback take minutes to complete.

  • Web UI with overview dashboard, also allow user to link/unlink party to entity.

  • REST API

Counter party (pseudo-customer) consolidator has the following modules:

Entity Consolidation engine​

It uses advanced algorithmns to perform matching in order to consolidate similar/same instances of names/accounts/addresses into a single entity.

Entity consolidation Web UI​

User interface to system where user can configure and modify entity and party information.

Glossary​

Party: non-bank customer information, primarily originator, originator account number and access or beneficiary, beneficiary account number and address.

Entity: different parties can be consolidated into a single entity. this single entity will be monitored.

Each entity has the following information:

party_id, entity_id party_name, account number, address, country, state, city, post code