Saphyre has announced that ABRDN has joined its network of financial institutions using the Saphyre platform.
The investment firm joins a growing list of sell-side firms using the service including the likes of Citi, Northern Trust, Standard Chartered, along with Deutsche Bank most recently joining back in March.
Stephen Roche
Saphyre’s automated intelligence streamlines the onboarding and maintenance processes for custody, broker trading, and buy-side accounts, while synchronising associated reference data in real-time. This ensures a real-time golden source of data accessible to all external parties.
Additionally, Saphyre’s solution addresses issues related to failed trades downstream and facilitates real-time collaboration, crucial for meeting upcoming T+1 commitments.
Stephen Roche, president & co-founder of Saphyre, said: “We’re ecstatic to have ABRDN, a leading financial investment management firm join our endeavor. By deploying our technology ABRDN will maintain data integrity through the lifecycle of a fund. Providing them with speed in the pre-trade thru post-trade processes not for just their firm, but also with their broker and custodial counterparts.”
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The startup’s technology digitises pre-trade data and activities across multiple counterparties, maintaining a memory of data and documents. This eliminates the need for clients to search or resubmit information and expedites flow in a digitally structured manner, accessible and understandable by any permissioned counterparty in the finance industry.
In speeding up the onboarding process, Saphyre claims it eliminates 70%-75% of redundant or inefficient post-trade activities.