FXall taps Saphyre to automate account onboarding on FX trading paltform

Rick Steves

“FX front office teams on the buy-side and sell-side benefit because liquidity providers can seamlessly execute and settle trades against new or updated funds without trade errors, regarding account setup or reference data changes. Saphyre serves as a permissioned distributed technology of reference data.”

FXall, the foreign exchange aggregator providing electronic trading to banks and brokers using an electronic communication network, has partnered with Saphyre to digitize the account onboarding for FXall clients through Saphyre’s patent-approved AI technology.

Bank API connectivity that enables the ability for new FXall accounts to be trade- and settlement-ready within 24 hours and allows liquidity providers to systematically approve accounts.

The Saphyre technology is validated and live for a subset of clients of FXall, with plans for rollout to all FXall clients in 2023, as additional enhancements are made.

FXall is first FX trading platform to offer Saphyre’s digitized solution

Jill Sigelbaum, Head of Strategic Development and Partnerships, FX, LSEG shared: “We are excited to be the first FX trading platform to offer Saphyre’s digitized solution to all our buyside and bank clients. Embedding Saphyre’s technology into our account setup and approval process will greatly improve the overall onboarding experience and offer our user community time and cost efficiencies. .

Gabino Roche, CEO & Founder at Saphyre shared: “Our relationship with FXall is another example of our platform helping firms to work smarter through our patented AI-powered digitization technology. FX front office teams on the buy-side and sell-side benefit because liquidity providers can seamlessly execute and settle trades against new or updated funds without trade errors, regarding account setup or reference data changes. Saphyre serves as a permissioned distributed technology of reference data. This means Saphyre’s clients have a one-stop shop to synchronize data between asset owners, investment managers, custodians, sell-sides, executing and post-trade processing platforms.”

Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians.

The platform maintains memory of data and documents, resulting in clients not having to search or resubmit information, and expedites flow in a digitally structured manner so that it can be consumed and understood by any permissioned counterparty in the finance industry.

According to Saphyre, client firms are able to not only assess risk faster but also speed up their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.

One-stop shop for sharing all FX account data and documents

Asset owner and buy-side users will have a one-stop shop for sharing all their FX account data and documents with their respective liquidity providers and FXall.

Similarly, sell-sides will receive the same benefit and be able to provide statuses to the accounts’ KYC, tax, credit risk, legal, and ops setup activities. Real-time ready-to-trade statuses will be provided per FX account and provider.

Ultimately, the firm’s automation reduces the risk of settlement errors significantly when asset owners and investment managers use Saphyre’s platform with their custodians and banks to set up new accounts.

Banks are settlement-ready with Saphyre, because the custodial account opening process occurs weeks in advance of trading and the platform notifies liquidity providers to onboard those same accounts well in advance.

Read this next

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.

Digital Assets

Google searches for Crypto.com and Gate.io exploded by 300% amid FTX collapse

“The findings emphasize the importance of staying on top of market trends and being able to pivot strategies quickly and also offer valuable insights into the current state of the market and the behavior of traders, providing investors with valuable information to make informed decisions about their investments.”

Institutional FX

iS Prime reports £35m turnover, £16.2 million pre-tax profits, £37 cash balances

“We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Industry News

Clearwater taps BNP Paribas to combine investment accounting/reporting solutions with custody

“We invite asset owners to explore our powerful, game-changing solution that fully leverages our award-winning technology platform and BNP Paribas’ suite of custody activities. Together with BNP Paribas, we aim to extend this solution to our key core markets.”

Executive Moves

XS.com hires ex-iFX EXPO Andreea Ilies as Global Head of Events

“I believe in 2023, events, trade shows and seminars will be of significant importance in the finance sector as we push forward with a more social and personalized approach to doing business.”

Executive Moves

FlexTrade hires ex-Fidessa Rajiv Shah as Head of Sales EMEA for sell-side OEMS, FlexOMS

“It’s an exciting time to join FlexTrade. From a business perspective, the firm has a demonstrable track record in creating and growing long-standing customer relationships through first-class support and a client-first approach. Alongside this, the advanced capabilities of FlexOMS make it one of the most compelling offerings available within the OEMS space.”

Digital Assets

DWF Labs invests $20 Million in Synthetix, token trading volume triples

Global Web3 venture capital and market maker DWF Labs has pledged an investment of $20 million to spur development in the growing ecosystem of Synthetix, a derivatives liquidity protocol on Ethereum.