FXall, a division of the London Stock Exchange Group (LSEG), is enhancing its settlement and onboarding process for its buy-side clients through leveraging Saphyre’s technology.
Through utilising the technology, FXall hopes to streamline the setup of funds to drastically reduce settlement times, ensuring clients are settlement and trade ready within a 24-hour timeframe.
Gabino Roche, CEO and founder at Saphyre, said: “Saphyre is further demonstrating that it’s a comprehensive solution for finance and its operations. Not only does Saphyre set up your funds quickly and seamlessly, but it also provides trading and post-trade benefits; especially in addressing the plethora of concerns that come with the T+1 deadline.”
Users who are setting up new funds through FXall will now benefit from a ‘single entry’ process, allowing them to set-up their funds for all their liquidity providers at one time and share necessary legal documents more efficiently. Plus, clients will now have full visibility into each bank’s onboarding progress.
“This benefit will remove the unnecessary delays related to the KYC processes occurring in post-trade today,” added Stephen Roche, president of Saphyre.
Banks will now be able to gain benefit from utilising Saphyre’s API to consume account onboarding data and approve those accounts methodically in FXall, allowing them to be ready to trade in 24 hours. Also, FX liquidity providers can now complete their KYC for these accounts to trade FX, equities and fixed income.
“We are committed to improving and evolving the way our clients experience FXall,” said Jill Sigelbaum, head of FX strategic development and partnerships, LSEG. “Incorporating Saphyre’s innovative technology solution into the platform enables us to offer our clients a new systematic and effective onboarding process. We’re very excited about our partnership with Saphyre as we roll out this new solution to our clients.”