J.P. Morgan and BlackRock have adopted fintech company Saphyre’s platform to digitise the account opening workflow, eliminate manual processes, improve scalability and enable buy-side clients to be ready to trade more quickly.
Saphyre provides BlackRock and other buy-side firms with an efficient process for opening accounts with custodians and broker-dealers.
The fintech’s platform allows for seamless communication between clients, custodians and broker dealers with real-time capabilities that display the status and next steps, action ownership, which provides a transparent audit trail.
Naveen TV, managing director, J.P. Morgan’s Securities Services, said that J.P. Morgan was an early adopter of Saphyre and is now live in production after successfully testing its value proposition for over six months.
TV explained that Saphyre’s technology with J.P. Morgan’s operating model and workflow tools has allowed it to “drive industry change that positions ourselves and our clients for the future”.
Liliane Ancona, managing director, BlackRock, commented: “With powerful workflow features and enhanced visibility into the account opening lifecycle, Saphyre has enabled BlackRock to eliminate manual processes to support the account opening workflow across custodians and broker-dealers.”
Gabino Roche, CEO, Saphyre, added: “The combined industry expertise provided by J.P. Morgan and BlackRock has helped Saphyre leverage its patented technology to unlock a new paradigm for account opening, taking a historically manual process and digitising it for the benefit of buy-side firms, custodians and broker-dealers. 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.”
