JPMorgan, BlackRock team with Saphyre on AI account-opening tech

September 15, 2020. Print article

J.P. Morgan’s Securities Services and have both chosen the fintech company to facilitate the digitalization of their workflow processes in order to further eliminate the need for manual procedures, the companies said Tuesday.

Saphyre relies on artificial intelligence in order to expedite the information exchange process and quicken the onboarding experience for clients, which it said allows for buy-side clients to begin trading faster.

Its partnership with J.P. Morgan and BlackRock has helped Saphyre to expand its technology in order to create new processes for “account opening, taking a historically manual process and digitizing it for the benefit of buy-side firms, custodians and broker-dealers,” Saphyre CEO Gabino Roche said.

“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,” Roche added.

The New Jersey-based fintech’s website states that within the last few years, 26% of an average client’s budget is spent on the onboarding process, and that 84% of clients have a negative view of the current onboarding experience. Saphyre claims its platform reduces the time needed for onboarding from several weeks down to just 48 hours or less, a process aimed at improving the experience.

“Saphyre has been instrumental in transforming the account-opening experience for our clients,” said Naveen TV, managing director at J.P Morgan’s Securities Services. “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 process uses AI to pre-populate redundant data and eliminate various other manual processes in order to speed up account opening, on top of offering other communication tools that have allowed for BlackRock “to eliminate manual processes to support the account-opening workflow across custodians and broker-dealers,” said Liliane Ancona, managing director at BlackRock.

“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,” Ancona said.