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

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

Digital Assets

Big Time Generates over $100M in Revenue since Preseason

Innovative game developer Big Time Studios announces that its highly anticipated free-to-play multiplayer action/MMO RPG Big Time, has generated $100M in revenue. According to the team, players transacted a total volume of over $230M, without selling a single token.

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

“The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

<