Clearwater Analytics has entered into a strategic alliance with J.P. Morgan securities services to provide global insurance clients with the ability to bundle multi-basis investment accounting and regulatory reporting with custody and fund services.
The solution will use technology to automate investment accounting and regulatory reporting for both insurance separate account and general account portfolios.
Through the partnership, J.P Morgan and Clearwater Analytics clients are set to benefit from the full integration of data and reconciliation processes in receiving automated investment accounting and regulatory reporting.
“The combination of J.P. Morgan’s Securities Services and Clearwater’s innovative technology allows us to continue to deliver innovative solutions to the global insurance industry,” said Tim Fitzgerald, global head of fund services, J.P. Morgan.
Sandeep Sahai, CEO at Clearwater Analytics, commented: “For a decade-and-a-half, Clearwater has partnered closely with J.P. Morgan. Our companies complement one another well, to the benefit of our customers. We are excited to start this new venture with Securities Services, and to create a joint solution for the insurance industry.”
Earlier this week, J.P. Morgan revealed its markets and securities services revenue for Q3 this year totalled $7.8 billion, a 29 percent increase from its Q3 2019 figure of $6 million
Markets revenue was up 30 percent compared to last year’s Q3 figure while securities services revenue was $1 billion, flat to the prior year, as deposit margin compression was offset by balance growth.
