Clearwater Analytics Powers OneUnited Bank's Fully FDIC-Insured Deposit Program

Rhea-AI Summary

On February 22, 2023, Clearwater Analytics (NYSE: CWAN) announced its partnership with OneUnited Bank and IntraFi to launch a fully FDIC-insured deposit program. Clearwater provides a technology platform enabling mutual corporate clients to manage deposits efficiently, enhancing access to financial products for minority communities. OneUnited Bank, the largest Black-owned bank in the U.S., aims to attract corporate deposits ranging from $1 million to $50 million. This initiative not only supports low-to-middle income communities but also aligns with corporations' ESG and DEI objectives, creating a streamlined way for firms to fulfill their social responsibility commitments.

Positive

• Clearwater's technology platform enables efficient management of corporate deposits in minority-owned banks.
• OneUnited Bank aims to attract significant corporate deposits, enhancing its capacity to provide financial services.
• The partnership supports corporations' ESG and DEI initiatives, fulfilling social responsibility commitments.

Negative

• None.

Corporations Can Leverage Clearwater to Manage Their Investments in Black-Owned Businesses & Minority Communities, Fulfilling ESG/DEI Obligations

BOISE, Idaho, Feb. 22, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, today announced that its investment accounting and reporting platform is the anchor of a fully FDIC-insured deposit program, brought to market by OneUnited Bank and IntraFi. As the largest Black-owned bank in the U.S., OneUnited is dedicated to empowering minority customers, and is designated by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI) and Minority Depository Institution (MDI).

OneUnited Bank and IntraFi have collaborated to create a fully FDIC-insured deposit program, with Clearwater Analytics providing the technology platform for mutual corporate clients to easily manage and access their deposit information. Clearwater's corporate clients will be able to manage their deposits like other securities, regardless of their size. Additionally, their deposits would qualify as ESG/DEI investments, giving corporations a one-stop vehicle to fulfill their reporting and fulfillment obligations.

Clearwater empowers treasury departments within large corporations to easily track and manage their deposits in minority-owned banks, that in turn, provide needed capital to minority communities. OneUnited Bank, which is seeking corporate deposits from $1 million to $50 million, will use its financial resources to deliver state-of-the-art, affordable, and accessible financial products and services to people living in low-to-middle income communities.

"OneUnited Bank is unique because it has developed a financial technology platform that allows the company to use customer data and artificial intelligence to create financial products and services that can significantly impact financial literacy and personal financial challenges nationwide," said Kevin Cohee, Chairman and Chief Executive Officer at OneUnited Bank. "In addition, the company utilizes its technology to create and distribute critically needed affordable access products and services to historically underserved minority populations."

"We are choosing to make an impact by partnering with OneUnited Bank to empower low-to-moderate income people across the nation," said Scott Erickson, President, Americas and Asia at Clearwater Analytics. "Clearwater cares deeply about making an impact in the communities in which we operate and live. We're proud to provide our world-class technology platform as the backbone for this program and encourage other Fortune 500 corporations to partner with OneUnited Bank to support minority communities."

Learn why leading corporations choose Clearwater for their investment accounting and reporting needs.

About OneUnited Bank

OneUnited Bank (www.oneunited.com) is the largest Black-owned bank in America, the first Black-owned digital bank, a Minority Depository Institution (MDI), and a Community Development Financial Institution (CDFI).  To view the CNBC documentary on OneUnited's national impact, click here.

About Clearwater Analytics

Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater's trusted data to drive efficient, scalable investing on more than $6.4 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/clearwater-analytics-powers-oneunited-banks-fully-fdic-insured-deposit-program-301752190.html

SOURCE Clearwater Analytics

FAQ

What is the significance of Clearwater's partnership with OneUnited Bank?

Clearwater's partnership with OneUnited Bank aims to facilitate corporate deposits in minority-owned banks, thereby supporting financial access for underserved communities.

How does Clearwater's technology benefit corporate clients?

Clearwater's technology allows corporate clients to manage their deposits like other securities, streamlining access and reporting.

What amount of deposits is OneUnited Bank targeting through this program?

OneUnited Bank is seeking corporate deposits ranging from $1 million to $50 million.

When was the announcement made regarding Clearwater's new program?

The announcement was made on February 22, 2023.