BNY Mellon partners with Saphyre for AI-powered client onboarding

Rick Steves

“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”.

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BNY Mellon has partnered with Saphyre to utilize AI technology to revolutionize the client experience and substantially automate and expedite client onboarding.

BNY Mellon’s OMNISM strategy – to work with best-in-breed fintech organizations to innovate and support clients investment objectives – has led the investment bank to reach Saphyre’s platform.

Saphyire 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.

Caroline Butler, Global Head of Custody at BNY Mellon, said: “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.”

Gabino M. Roche, Jr., CEO and Founder at Saphyre, commented: “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.”

In 2020, BNY Mellon and Deutsche Bank partnered on the development of a new API-enabled FX solution that seeks to improve confirmation times for restricted emerging-market currency trades.

The digital solution aims to reduce the pre-trade lifecycle to seconds from hours, minimizing the operational burden and manual intervention that can be prevalent in emerging-market custody FX.

Leveraging existing bots between the two banks for instantaneous communication to help eliminate market frictions, the solution can also bring trade remediation closer to the time of execution. The resulting benefits can also reduce price slippage for clients between the FX leg of a transaction and the equity or fixed-income security trade.

Both banks have also jointly deployed a chatbot-to-chatbot communication solution built on the Symphony platform in a move that results in a more seamless flow of information for clients trading securities on the Hong Kong Stock Exchange. The chatbots are set to improve the workflow efficiency between both organisations and the client experience.

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