StanChart partners with Saphyre on AI fund onboarding

Saphyre lures another big name to its AI platform

by | April 29, 2022 | bobsguide

US pre-trade onboarding technology provider, Saphyre, has made available its AI platform to Standard Chartered for new fund onboardings and maintenance.

The platform enables Standard Chartered capital markets division to decrease the time spent setting up a new  fund on its platform, while the automated process eliminates manual tasks for both buy and sell sides, reducing risks and ineffectiveness.

“They [Standard Chartered]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,” said Gabino Roche, CEO of Saphyre.

“By having them as part of the network, buy-side firms gain operational benefits and speed to market.”

Saphyre’s AI platform works by digitising, structuring, and maintaining the memory of shared data and documents (including those approved by counterparties) in pre-trade.

This digital structure enables information to be easily accessible to all relevant parties.

The latest integration expands the duo’s collaboration beyond the straight-through processing of account setups.

Saphyre gains momentum

The news of Standard Chartered onboarding comes two weeks after the platform’s integration into Société Générale‘s global markets division.

The two integrations mark a series of wins for the fintech company, which has attracted several top financial institutions, including BlackRock, BNY Mellon and JP Morgan, to its network.

Only last month, the company secured $18.7m in Series A funding led by JP Morgan, BNP Paribas and HCAP Partners to further its expansion of interoperability programs.

Following the Series A funding, the company also hired former BlackRock COO Ray Shivers as its new COO to lead the company’s growth.

Interest in AI surges among financial firms

Saphyre’s momentum coincides with the rising interest in AI in the finance industry, which looks to overhaul its legacy systems with modern technology.

Earlier this week, Singaporean AI-powered credit risk specialist company Finbots.AI raised $3 million in Series A round from sole investor Accel.

In the US, Arkansas Federal Credit Union recently partnered with AI-powered credit decision platform provider Scienaptic AI to improve the financial institution’s loan decision-making process.

Irish software company Fenegro also acquired Dutch AI-based anti-money laundering transaction monitoring fintech Sentinels to boost its SaaS service to financial institutions.

Financial Institutions roll out automation

Fintech companies have leveraged technology to offer time-efficient and increasingly competitive alternative services to traditional financial institutions.

To adapt to the changing landscape, traditional financial institutions have initiated their digitalisation strategies comprising investment into new technologies and collaboration with technology and fintech entities.

Standard Chartered’s collaboration with Saphyre is among the many ventures into automation by the established financial institutions.

Earlier this month, Santander Bank, N.A., the wholly owned subsidiary of Banco Santander launched Santander eLockBox, an electronic lockbox, enabling its clients to automate their revenue cycle while saving time and capital.

Zurich Insurance Group also recently implemented a new treasury management system, Salmon Treasurer, automating the insurer’s cash flow data for efficient and speedier operation.



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