The firms are leveraging Clarient Entity Hub 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. DTCC will also be using the service, along with a number of other major financial firms, with go-lives scheduled in the coming months.

Clarient Entity Hub transforms the client onboarding and client lifecycle processes for the industry, providing greater control, transparency and cost reduction in the management of client data and documents. According to recent Aite research on entity data management, 88% of firms are considering a utility model to simplify and standardize the client onboarding and lifecycle management process. The service replaces fragmented, error prone and manual processes that are prevalent in client entity data management today. Clarient also addresses ongoing regulatory requirements through secure and improved collection capabilities, standardization and digitization. The service enables firms globally to 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.

"Clarient Entity Hub offers an innovative yet straightforward solution that allows us to better manage complex data and regulatory documentation," said Greg Ehret, Global Chief Operations Officer at State Street Global Advisors. "By helping us achieve better standardization and increased transparency, we can improve both the quality and timeliness of data on behalf of our clients."

"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 conf a consistent data approach across the industry," stated Terri Messina, MD, Operations at Goldman Sachs Asset Management. "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 the only solution to leverage current, compliant reference data from DTCC's established set of client reference data services. These include Avox , the industry's premier legal entity data validation and monitoring service with validated data for over 1.7 million legal entities and will include Omgeo ALERT SM, the industry's Standing Settlement Instruction (SSI) Utility and the largest global database for SSIs. Later this year, 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 requirements, incorporating approximately 20,000 legal entity records and 4,000 counterparties. Plans are also underway to leverage the Global Markets Entity Identifier (GMEI) utility – provided by DTCC & SWIFT - to further facilitate the assignment of Legal Entity Identifiers (LEIs) through Clarient Entity Hub.

Added Matthew Stauffer, CEO at Clarient, "We are pleased to be partnering with many of the world's leading institutions in bringing greater efficiency and transparency to this critical area. With a strong pipeline of clients signed to adopt the service, we look forward to extending this offering to other firms around the globe in the coming months."