Over 90 clients have signed up to adopt Clarient Entity Hub, the utility-based service designed to simplify client data and document management. Clarient says users include a number of leading investment managers, corporations, trusts, outsourcers, broker/dealers and banks, including its founders (Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street).
Claims made for the Hub include that it eliminates much of the operational cost and risk present in the bilateral exchange of client entity data and documentation between institutional asset managers, corporations, banks, broker/dealers and custodians.
“Clarient Entity Hub enables us to set up new clients more effectively, ensures all regulatory requirements are met in a consistent fashion, and ultimately gets us ready to trade with our clients more quickly,” says Julie Harris, managing director at Goldman Sachs. “To the clients, the ability to provide data once and access multiple broker-dealers creates efficiency as well.”
Since Clarient Entity Hub was launched, over two million validated legal entities have been added to the service. In October, the Clarient Public KYC Service was introduced, enabling firms to greatly reduce the cost to refresh their KYC (know your customer) data from a centralised, validated source of public data and reducing the burden on their clients.
With this new service, KYC data from DTCC’s Avox solution and evidentiary documents captured from verified public domain sources are delivered through the Clarient Entity Hub web interface and API. The new KYC service is expected to deliver over 50,000 validated public KYC records by end of Q1 2016.