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

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Feb 22, 2023, 09:00 ET

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.

SOURCE Clearwater Analytics