Clarient Global announced that over 90 clients have signed to adopt Clarient Entity Hub, a utility-based service designed to simplify client data and document management. Today, the Clarient Entity Hub user community is comprised of 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. Clarient Entity Hub became available in June 2015.

Clarient Entity Hub 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. At the core of Clarient Entity Hub is the ability for all users to establish and manage their unique client relationships and associated entity data and documentation. In addition, the utility provides an industry-standard rules engine and functionality to identify, collect, and validate the necessary content to meet global Know Your Customer (KYC) requirements while leveraging a secure, access-controlled platform.

"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,” stated 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 2 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 data from a centralized, 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.

“With the Public KYC Service, Clarient Entity Hub reduces our cost to complete the required refresh of client KYC records and lowers the burden on our clients to provide this information,” stated Stuart Baker, Managing Director, Corporate and Investment Bank Head of Controls, at JPMorgan Chase. “This is one more capability that sets Clarient apart.”

Clarient also supports ongoing regulatory requirements by enabling firms to distribute content to relevant counterparties, service providers and regulators in accordance with Ownership and Control Reporting (OCR) for the CFTC and other client reference data and tax reporting requirements around the globe.

“The significant interest and adoption of the Clarient Entity Hub signals a growing demand for utility-based solutions in this critical area,” stated Matthew Stauffer, CEO of Clarient. “As an industry-owned utility, we continue to deliver new services, such as Public KYC and OCR reporting, that are designed by and provide value to our users. Clarient Entity Hub remains focused on becoming the single comprehensive global platform for all client reference data.”

Clarient Entity Hub will continue to advance in the coming year with new regulatory data collection functionality, tax capabilities and integration with existing DTCC services such as Omgeo ALERT, the Global Trade Repository (GTR) and the Global Markets Entity Identifier (GMEI) Utility.