New Data Utility Live at Five Banks

Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street are live with a new utility by Clarient designed to simplify client data and document management.
By Janet Du Chenne(59204)
Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street are live with a new utility by Clarient designed to simplify client data and document management.

The organisations are leveraging Clarient Entity Hub to achieve greater standardization and transparency, reduce risk and costs, and improve the quality and timeliness of client reference data and documentation exchanged between counterparties. DTCC will also be using the service, along with a number of other major financial firms, with go-lives scheduled in the coming months.

Clarient Entity Hub transforms the client onboarding and client lifecycle processes for the industry, providing greater control, transparency and cost reduction in the management of client data and documents. According to recent Aite research on entity data management, 88% of firms are considering a utility model to simplify and standardize the client on-boarding and lifecycle management process. The service replaces fragmented, error prone and manual processes that are prevalent in client entity data management today. Clarient also addresses ongoing regulatory requirements through secure and improved collection capabilities, standardization and digitization. The service enables firms globally to store, maintain and distribute data and documentation to relevant counterparties, service providers and regulators in order to comply with Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA) and other client data and documentation regulatory mandates around the globe.

“Clarient Entity Hub offers an innovative yet straightforward solution that allows us to better manage complex data and regulatory documentation,” said Greg Ehret, global Chief Operations Officer at State Street Global Advisors. “By helping us achieve better standardization and increased transparency, we can improve both the quality and timeliness of data on behalf of our clients.”

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