NEW YORK, June 8, 2021 -- BNY Mellon and Saphyre today announced the firms are working together to utilize AI technology to revolutionize the client experience and substantially automate and expedite client onboarding. This collaboration supports BNY Mellon's OMNISM strategy to work with best-in-breed fintech organizations to innovate and support clients investment objectives.
Saphyre's platform enables seamless communication between clients and priority stakeholders by augmenting traditional communication channels, such as email, fax and phone calls. This integration between the two organizations allows for more streamlined communication reducing fund launch time to market, enabling more efficient cross border trading and enhancing client experience.
"Time is a finite and precious commodity. BNY Mellon's work with Saphyre aims to create true savings for our custody clients and truly expedite the client onboarding process. What once took days or weeks, is now near real time. This is yet another example of the digitization efforts BNY Mellon has undertaken in the past two years with a direct client benefit," said Caroline Butler, Global Head of Custody at BNY Mellon.
"Having BNY Mellon join the Saphyre endeavor is a great honor. By applying our patented technology to their leading asset servicing operations we've demonstrated the ability to intelligently pre-fill client custody packs, allow for digital signatures, auto-setup SWIFT Reporting, Trade Message Routing, and Corporate Action standing instruction – while intelligently and dynamically tracking market requirements and their respective document statuses. In a post-COVID world where AI and digital is paramount, BNY Mellon is fully seizing the innovation mandate," said Gabino M. Roche, Jr., CEO and Founder at Saphyre.
To learn more about BNY Mellon's and Saphyre's collaboration, please join us at ENGAGE 21. Register here.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
About Saphyre, Inc.
Saphyre leverages patented AI technology to digitize all pre-trade activities across multilateral counterparties: asset owners, investment managers/hedge funds, broker-dealers, custodians/prime brokers. Saphyre's platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry. This allows firms not only to assess risk faster and clearly, but they can speed their onboarding processes and eliminate 70%-75% of redundant or inefficient post-trade activities.
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