Clearwater Analytics Continues Product Innovation with Q1 Product Updates
Clearwater Analytics (NYSE: CWAN) announced significant product enhancements in Q1 2022 to improve investment accounting and reporting solutions. Key updates include support for NAIC 2022 guidelines, enhanced Schedule B reporting for mortgage loans, and improvements to solvency reports. New features also introduce a cumulative catch-up method for accounting and updates for LIBOR cessation. Clearwater aims to ensure compliance with evolving regulations, enabling clients to focus on increasing their investment returns. The firm services over 1,100 clients with a total of $5.9 trillion in assets under management.
- Introduction of NAIC 2022 Quarterly Guidance Updates ensuring compliance for clients.
- Enhanced Schedule B reporting for mortgage loans, improving accuracy.
- New cumulative catch-up method for accounting tailored for pre-paying securities.
- Support for Solvency II reports, enhancing risk management capabilities.
- Client base growth, currently servicing over 1,100 clients with $5.9 trillion AUM.
- None.
BOISE, Idaho, May 5, 2022 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, announced several enhancements to their product offering during Q1 2022.
Thousands of client users rely on Clearwater Analytics as their single version of the truth to meet their accounting, regulatory, and financial reporting needs with high accuracy and efficient, timely reporting. Clearwater takes on the operational tasks associated with investment accounting and reporting so that its clients can focus on growing their investment returns. The Q1 product updates include support for the latest accounting and regulatory standards, enriched asset class reporting, and upgraded user experience.
Clearwater's proactive regulatory enhancements are driven to provide its clients with regulatory filings that are timely, accurate, and follow up-to-date guidance. The company's ability to deliver enriched asset class reporting enables its clients to feel confident when investing in new asset classes or growing their business through acquisitions.
Clearwater Analytics' Q1 2022 product enhancements include:
- NAIC 2022 Quarterly Guidance Updates: Clearwater proactively updated the NAIC schedules to meet the latest requirements from the NAIC so clients can rest assured that their reports are compliant.
- Schedule B: Enhancements for Mortgage Loans: Clearwater added enhanced Schedule B reporting to allow for Total Valuation Allowance on Schedule B Verification, reports with multiple partial repayments with the same loan number in one line on Schedule B Part 3, and "Value of Land and Buildings" on Schedule B Parts 1 and 2.
- Schedule BA: Enhancements for Limited Partnerships: Clearwater eliminated the duplication of income due to return of capital from Schedule BA Parts 1 and 3 to better improve accuracy.
- Enhancements to Solvency II Reports: The company added several reports for Solvency Capital requirement calculations. These reports include Currency Risk SCR, Equity Risk SCR, and Spread Risk SCR. Clearwater also updated the Underlying Asset Category for all equities and now populates Issue Type for all non-derivative assets on SOLV2 ADD/QAD 230 and SOLV2 AAD/QAD 236 per Lloyd's of London guidance.
- New Cumulative Catch-Up Method of Accounting: The company added a cumulative catch-up (CCU) amortization adjustment that provides a new optional method of accounting for cash flow changes on pre-paying securities.
- LIBOR (London Interbank Offered Rate) Cessation and Reference Rate Transition: Clearwater enhanced calculation type support for forward-looking term and overnight average floating rate and fixed-to-float bonds.
- New Fields Added: Custody File Date and Trading File Date: Clearwater added two new fields to Locked Down Transaction Details report to allow clients to better understand the timing of activity recognition.
- Filed Name Change: Legal Entity Identifier: Clearwater changed the name of the Clearwater Reporting Site field "Legal Entity Identifier" to "Issuer LEI." The new name more clearly indicates that this field is a specific identifier that is applied to the security's issuer.
- Pledging Update for Report of Conditions: Clearwater now automatically removes outdated pledges during daily reconciliation. A pledge is considered outdated if the account no longer holds a security position against the entered pledge.
"We are committed to keeping our clients' regulatory reporting up-to-date with new regulatory updates being made, which is evident through many of the product features made available throughout Q1," said Jody Kochansky, President of Technology and Product at Clearwater Analytics. "As our clients continue to grow their portfolios, they can rely on Clearwater to provide the reporting they need."
About Clearwater Analytics
As the industry-leading SaaS solution for investment accounting and reporting, Clearwater enables growth of assets under management (AUM) for more than 1,100 clients including pension plans, governments, global insurers, asset managers, and corporations. Each day, Clearwater automates data collection, reconciliation, compliance, risk, and performance reporting across
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SOURCE Clearwater Analytics
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