23 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

DTCC and banks form client data and documentation utility

29 July 2014  |  6589 views  |  0 DTCC logo web screen shots

The Depository Trust & Clearing Corporation (DTCC) has teamed up with six Wall Street banks to launch Clarient Entity Hub, a client data and documentation utility.

The hub will provide centralised services for all client data and documents needed for internal onboarding and help firms meet broader regulatory requirements including KYC, Fatca, Emir and Dodd-Frank.

A new company - Clarient Global - will run the utility on behalf of its owners: the DTCC, BNY Mellon, Barclays, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street.

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.

By standardising, centralising and automating the collection and validation of client data and documentation, Clarient will bring users increased efficiency and enhanced control over their data and its communication, while mitigating operational risk and reducing cost, claims the DTCC.

The hub takes advantage of the DTCC's client reference data services, including Avox and Omgeo Alert. It is also fully integrated with the DTCC Client Reference Data and Enrichment service, a portal to collect counterparty information required for delegated derivative trade reporting in support of Emir reporting requirements.

Michael Bodson, president and CEO, DTCC, says: "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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift signs more banks to KYC Registry

Swift signs more banks to KYC Registry

22 July 2014  |  9680 views  |  0 comments | 5 tweets | 11 linkedin
KYC Exchange builds banking momentum

KYC Exchange builds banking momentum

20 June 2014  |  11925 views  |  2 comments | 8 tweets | 3 linkedin
Markit and Genpact launch KYC service

Markit and Genpact launch KYC service

22 May 2014  |  11108 views  |  2 comments | 5 tweets | 2 linkedin
DTCC throws weight behind US move to T+2

DTCC throws weight behind US move to T+2

23 April 2014  |  5784 views  |  0 comments | 4 tweets | 4 linkedin
Thomson Reuters joins KYC utility race

Thomson Reuters joins KYC utility race

19 March 2014  |  11839 views  |  2 comments | 9 tweets | 10 linkedin
Swift signs major banks to KYC Registry

Swift signs major banks to KYC Registry

04 March 2014  |  9895 views  |  2 comments | 11 tweets | 12 linkedin
DTCC partners banks on global utility for client reference data

DTCC partners banks on global utility for client reference data

30 September 2013  |  12637 views  |  0 comments | 6 tweets | 2 linkedin
DTCC buys Thomson Reuters out of Omgeo

DTCC buys Thomson Reuters out of Omgeo

24 July 2013  |  8494 views  |  0 comments | 4 tweets | 3 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euParticipate in the surveyVisit capgemini.com

Top topics

Most viewed Most shared
Bank of England sets up fintech Community; runs blockchain and AI trialsBank of England sets up fintech Community;...
16144 views comments | 33 tweets | 26 linkedin
hands typing furiouslyMachine Learning: Lessons for Banks From S...
10061 views 0 | 11 tweets | 8 linkedin
Samsung Galaxy S8 to use facial recognition for payments - BloombergSamsung Galaxy S8 to use facial recognitio...
8416 views comments | 35 tweets | 28 linkedin
satellite26 Japanese banks register for Exchange-ru...
7464 views comments | 2 tweets | 1 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
7403 views comments | 21 tweets | 36 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job