By deploying Saphyre’s platform, the companies are expected to eliminate their manual processes


BlackRock headquarters in Midtown Manhattan, New York City. (Credit: Americasroof/Wikipedia.)

Saphyre, a fintech start-up with patented AI technology, has been selected by J.P. Morgan’s Securities Services and BlackRock, to digitise their account opening workflow.

By adopting Saphyre’s platform, the companies are expected to eliminate their manual processes, improve scalability and enable buy-side clients to be ready to trade rapidly.

The technology is said to provide buy-side companies with effective process for opening accounts with custodians and broker-dealers.

Leveraging its AI technology, Saphyre digitises all pre-trade activities across multilateral counterparties, and creates accounts.

Saphyre’s platform is said to enable the companies to rapidly and clearly assess the risk, advance their onboarding processes, and eliminate 70% to 75% of redundant post-trade activities.

J.P. Morgan Securities Services managing director Naveen TV said: “Saphyre has been instrumental in transforming the account opening experience for our clients. J.P. Morgan was an early adopter of Saphyre and is now live in production after successfully testing its value proposition for over 6 months

“Saphyre’s cutting-edge technology coupled with J.P. Morgan’s industry leading operating model and workflow tools allows us to continue to drive industry change that positions ourselves and our clients for the future.”

Saphyre’s technology speeds up account opening through digitisation of account information inputs

Saphyre offers easy communication between clients, custodians and broker dealers, by eliminating redundant emails and phone calls and provides a transparent audit trail.

The firm enables an accelerated account opening through digitisation of account information inputs, pre-population of redundant data including market-specific documentation, and elimination of manual processes and wet ink signatures.

Saphyre CEO Gabino Roche said: “The combined industry expertise provided by J.P. Morgan and BlackRock has helped Saphyre leverage its patented technology to unlock a new paradigm for account opening, taking a historically manual process and digitizing it for the benefit of buy-side firms, custodians and broker-dealers.

“The net result is that buy-side clients can be ready to trade more quickly and eliminate manual processes that lead to operational cost and inefficiency.”