Standard Chartered is the latest institution to adopt Saphyre’s technology, utilising its AI platform for the onboarding and maintenance of buy-side funds.
The two firms have collaborated on providing straight through processing of account setups to speed the time to market to provide immediate liquidity as well as seamless post-trade allocations and settlement.
Saphyre’s automated process aims to reduce risk and inefficiencies by eliminating manual tasks for both buy- and sell-side teams, resulting in greater time efficiencies and cost savings. The Saphyre platform reduces the time to set-up a new fund, while also providing any updated data related to the fund.
Gabino Roche, chief executive and founder at Saphyre, said: “It’s exciting to officially announce that Standard Chartered is on the Saphyre endeavour. They adopted our technology early on and since then seen efficiencies for their middle- and back-office operations during account setups while receiving feedback from their clients on a great experience. By having them as part of the network, buy-side firms gain operational benefits and speed to market.”
The tie-up follows a string of announcements for Saphyre, which last month included the completion of a $18.7 million Series A funding round, joined by the likes of JP Morgan and BNP Paribas. Earlier this month, Societe Generale’s Global Markets division also integrated the platform to manage its onboarding and maintenance of buy-side funds.