The DTCC’s Clarient Entity Hub provides centralized services for client data and documents, and help firms meet regulatory requirements such as Know Your Customer.
Together with six founder banks, The Depository Trust & Clearing Corporationannounced the establishment of Clarient Entity Hub, a solution designed to provide increased controls, standardization and transparency during the client on-boarding process and ongoing client lifecycle events.
Clarient Entity Hub is owned and operated by Clarient Global, a new DTCC company founded with BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. DTCCs Matthew Stauffer will serve as the companys CEO, according to a press statement.
Clarient Entity Hub is designed to help participants cope with evolving internal risk management requirements and Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA) and other client data and documentation mandates. Now, investment managers, hedge funds, and corporates can centrally upload, validate, permission, distribute, and securely store entity level information, documentation and hierarchy data through an intuitive interface, enabling complete transparency and control of information access.
DTCC claims that Clarient Entity Hub is “the only solution able to leverage current, compliant reference data from DTCCs established set of client reference data services, including Avox, the industrys premier legal entity data validation and monitoring service with validated data for over 1.5 million legal entities, and Omgeo ALERT, the industrys Standing Settlement Instruction (SSI) Utility and the largest global database for SSIs.”
We are pleased to be announcing this initiative with six of the worlds leading banks to bring this utility to market, said Michael C. Bodson, president and CEO of DTCC. As the only user owned and governed client data and documentation utility in the world, well work to ensure that the Clarient Entity Hub fully meets the evolving needs of the entire industry, today and in the years to come.
Clarient Entity Hub is a unique offering that weve developed in close collaboration with our founder banks and over ten of the worlds top asset managers and hedge funds, who have provided significant input into the overall user experience as part of the Clarient User Partner Program, said Matthew Stauffer, CEO of Clarient Global. We look forward to our launch later this year.
We are pleased to be a founder of Clarient and to work together with DTCC, our co-founders and other industry participants as Clarient Entity Hub is built and delivered, said David Crawford, executive vice president and head of State Street’s Global Transaction Banking Services. The client on-boarding process has long been a challenge for market participants worldwide, and we look forward to a collaboration that will enable us to bring the optimal solution to the industry.
