Societe Generale integrates Saphyre platform for buy-side fund onboarding

Integration follows a Series A funding round for Saphyre that took place earlier this year and saw it raise $18.7 million from the likes of JP Morgan and BNP Paribas.

Societe Generale’s Global Markets division has integrated the artificial intelligence platform, Saphyre, to manage its onboarding and maintenance of buy-side funds.

The New Jersey-based outfit digitises all pre-trade data and documents, eliminating redundant manual processes and allowing for secure, expedited access to data throughout the trade lifecycle. It claims to reduce the time to set-up a new fund while also providing any updated data related to it.

Since its launch in 2017, the firm has received 104 issued patents and has been integrated with seven different platforms as part of its interoperability design.

The integration by Soc Gen builds on an existing relationship between the two entities through which they were trying to achieve straight through processing on account set ups to improve time to market and provide immediate liquidity as well as faster post-trade allocations.

“Supporting their middle and back-office operations for onboardings and maintenance allows them to achieve efficiencies while providing a superior client experience,” said Gabino Roche, chief executive and founder at Saphyre.

“At the same time, the community of buy-side firms gain operational benefits and speed to market by having them as part of the network.”

The integration follows news in March earlier this year that JP Morgan and BNP Paribas had backed Saphyre in a Series A funding round of $18.7 million. Saphyre confirmed the additional funds would be used to accelerate its product developments and support its expansion of its interoperability initiatives.