JPMorgan, BNP Paribas and HCAP Partners have invested $18.7 million in multi-counterparty data firm Saphyre whose AI technology eliminates manual processes for buy-side firms opening accounts with custodians and broker-dealers.
The platform is designed to offer seamless communication between clients, custodians and broker dealers by digitising all pre-trade annd activities across multiple counterparties, eliminating emails and phone calls and providing real-time capabilities that display the status and next steps, action ownership and providing a transparent audit trail.
Digitisation of account information inputs, pre-population of redundant data including market-specific documentation, and elimination of manual processes and wet ink signatures, all speed up the account opening experience.
JPMorgan in 2020 integrated with Saphyre and Blackrock to use AI when opening accounts for custody clients.
“JPMorgan was an early adopter of Saphyre and we’re delighted to continue supporting them on their journey to create market-leading onboarding workflow,” says Naveen TV, managing director, JPMorgan’s Securities Services.
He adds, “We believe in driving industry change to enable better collaboration tools for our clients, our peers and ourselves, and Saphyre’s technology is helping do that. We are proud to support Saphyre to further build scale in the industry.”
Since its launch in 2017, Saphyre has received 104 issued patents and has been integrated with seven different platforms as part of its interoperability design. The company secured clients comprising thousands of accounts with over $3 trillion in assets under management.
The Series A funding will be used to accelerate Saphyre’s product development in both its pre- and post-trade offerings, as well as to support its ongoing expansion of interoperability with a number of other fintech/vendor networks in the industry, says CEO and founder Gabino Roche.
“This funding will accelerate the rollout of our firm’s offerings and ability to further prove that, in leveraging Saphyre’s patented technology in pre-trade wins, you instantly gain post-trade competitive advantages as well as operational benefits,” he adds.
©Markets Media Europe 2022
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