A global provider of SaaS solutions for investment accounting, reporting, and analytics, Clearwater Analytics has partnered with the first Black-owned internet bank in the U.S, OneUnited Bank. Together, Clearwater Analytics and OneUnited Bank will introduce technology-based solutions to assist Clearwater’s corporate clients in investing money seamlessly to minority communities through minority banks and direct deposits. The partnership has the potential to encourage corporations to invest in minority and Black communities.
Sandeep Sahai, Chief Executive Officer, Clearwater Analytics, stated, “We are proud to be working with OneUnited Bank and enabling the many corporate clients on our Clearwater platform to manage their investments in Black-owned businesses and minority communities. With nearly 500 large corporations across industries with more than $1.27 trillion in assets under management on our SaaS platform, the opportunities for an increasing number of corporate investments in the minority community are endless.”
The partnership allows Clearwater to enhance its SaaS platform so that the Treasury departments of its large corporate clients can easily track and manage their deposits in minority-owned banks, which in turn help to provide a flow of capital to minority communities.
Kevin Cohee, Chairman and Chief Executive Officer, OneUnited Bank, said, “Our partnership with Clearwater is strengthening OneUnited Bank’s ability to close the racial wealth gap. It’s especially helping us offer more programs for our customers across the U.S. that will transform the lives of countless families. Together with Clearwater, we are affecting real change at scale, strongly supporting the anti-racism movement, and facilitating the movement of money from large corporations to support minority communities.”
In addition to enabling the accurate reporting and accounting of these critical investments, this new partnership allows portfolio managers to see how their allocations perform, comply with regulations, and manage risk from an accounting perspective as part of their overall portfolio. Clearwater originated this concept with Salesforce, a company that wanted a way to track investment benefits for the U.S. Black community.