Clearwater offering allows corporations to easily invest in minority communities and fulfill environmental, social, and governance (ESG) charters in conjunction with America’s largest Black-owned bank
BOSTON — Clearwater Analytics, the leading SaaS solution for investment accounting, reporting, and analytics, announced today that it is partnering with OneUnited Bank, the largest Black-owned bank and first Black-owned internet bank in the U.S., to launch technology-based solutions to help Clearwater’s corporate clients to seamlessly invest money into minority communities via minority depository institutions and direct deposits. This partnership has the potential to enable ~500 corporations to invest in minority and Black communities.
As part of this partnership, Clearwater has enhanced the interface on its SaaS platform which now allows treasury departments within its large corporate client base to easily track and manage their deposits in minority-owned banks who in turn provide needed capital to minority communities.
“Our partnership with Clearwater is strengthening OneUnited Bank’s ability to close the racial wealth gap,” said Kevin Cohee, Chairman and Chief Executive Officer, OneUnited Bank. “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.”
This new partnership provides unrivaled transparency to accurately account for and report on these critical investments and the ability to monitor these allocations from an accounting, performance, compliance, and risk perspective while being able to see them with their total aggregate portfolio. Clearwater first developed this concept with its client Salesforce, who sought a solution to tracking investments benefitting the U.S. Black community.
“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,” said Sandeep Sahai, Chief Executive Officer, Clearwater Analytics. “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.”