Barclays, Credit Suisse, Goldman Sachs, JPMorganChase and State Street are using the Clarient Entity Hub, a client onboarding and data management solution made by Clarient Global, a new DTCC company, officials say.
The service helps firms “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,” officials say.
The service is able to integrate client reference data from a number of sources, such as the legal entity identifier (LEI) data validation via the monitoring service Avox, the standing settlement instruction (SSI) utility Omgeo Alert, and the DTCC’s Client Reference Data and Enrichment (CRDE), among others.
The service intends 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,” according to a Clarient Global statement.
“Clarient Entity Hub provides a number of opportunities as we continue to transform our data management capabilities, including electronic sharing of confidential documents across counterparties and the establishment of a consistent data approach across the industry,” says Terri Messina, a managing director of operations at Goldman Sachs Asset Management, in a prepared statement. “The service goes beyond the traditional one-way flow of information, providing essential data back to Goldman Sachs Asset Management to facilitate trading and custody relationships. This improved flow of information will enable us to deliver even higher levels of client service.”
Clarient Entity Hub is a utility model service and acts “as a central hub for investment managers, hedge funds, and corporates to upload, securely store, maintain and permission use of legal entity level information, documentation and hierarchy information,” officials say.
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