DTCC launches client data and documentation utility
The Depository Trust & Clearing Corporation (DTCC) has teamed up with six banks to launch Clarient Entity Hub, which is designed to provide increased controls, standardisation 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.
DTCC’s Matthew Stauffer will serve as the company’s CEO. The founder banks and DTCC have collaborated in the design and development of the utility.
Clarient Entity Hub will enable industry participants worldwide to better cope with evolving internal risk management requirements and Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA) and other client data and documentation challenges.
With the service, 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.
By standardising, centralising and automating the collection and validation of client data and documentation, including master level documents, in a controlled, auditable, industry utility, Clarient Entity Hub aims to bring financial industry customers increased efficiency and enhanced control over their data and its communication, while mitigating operational risk and reducing cost for all.
Clarient Entity Hub is the only solution able to leverage current, compliant reference data from DTCC’s established set of client reference data services, including Avox, a legal entity data validation and monitoring service, and Omgeo ALERT, a Standing Settlement Instruction (SSI) utility.
Clarient Entity Hub will also be fully integrated with the DTCC Client Reference Data and Enrichment (CRDE) service, a portal to collect counterparty information required for delegated derivative trade reporting in support of EMIR reporting requirements.
“We are pleased to be announcing this initiative with six of the world’s leading banks to bring this utility to market,” says Michael C Bodson, president and CEO of DTCC. “As the only user owned and governed client data and documentation utility in the world, we’ll 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 we’ve developed in close collaboration with our founder banks and over ten of the world’s top asset managers and hedge funds, who have provided significant input into the overall user experience as part of the Clarient User Partner Program,” says Stauffer. “We look forward to our launch later this year.”
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