JP Morgan’s Securities Services and BlackRock have turned to fintech Saphyre to digitise their account opening workflows.
Saphyre says its US patent-approved 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 eliminating emails and phone calls and providing real-time capabilities that display the status and next steps, action ownership and provides 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.
Liliane Ancona, managing director, BlackRock, says: "With Saphyre, we’re reducing hours of work down to minutes and ensuring our funds are ready to trade more quickly all on a single platform."