Clearwater Analytics announced that it is implementing its cloud-based investment data management and reporting solution for Transamerica. Clearwater’s automated platform will help the financial services company manage investment data aggregation, reconciliation, accounting, and reporting.
Implementing the Clearwater platform is part of Transamerica’s efforts to drive innovation and efficiency while eliminating the need for in-house resource commitment to IT maintenance and support of portfolio data consolidation and reconciliation.
“The Clearwater solution will help streamline how we manage our data,” said Michiel van Katwijk, Chief Financial Officer at Transamerica.
“Working with Clearwater Analytics allows Transamerica to aggregate and reconcile data, which allows us to focus on analyzing investment results and providing value-added business support and decision making.”
The Clearwater platform offers Transamerica centralized access to investment data for all asset classes, in part by streamlining investment accounting systems and reporting.
It also reduces the IT infrastructure needed for the maintenance and day-to-day functioning of its previous on-premises investment accounting system. The SaaS solution also allows for fully-integrated and intuitive ad-hoc reporting.
A cloud-based solution has the net effect of greater employee satisfaction. It will allow for investment accounting teams to be proactive advisors. Also, the Clearwater platform halves period-end close timelines, eliminating the need for staff overtime.
“The Clearwater solution represents a market-leading future-state model that radically simplifies legacy architectures,” said Scott Erickson, Chief Operating Officer at Clearwater Analytics.
“The transition to this state-of-the-art model is inevitable for the accounting and reporting function within the industry. We are committed to a research, development, and innovation process that consistently enhances the client experience. We look forward to being a long-term collaborator and partner with Transamerica.”