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JP Morgan and BlackRock leverage Saphyre’s AI tech to automate account opening for securities services

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JP Morgan’s Securities Services and BlackRock have adopted fintech company Saphyre’s platform to digitalise the account opening workflow, eliminating manual processes, improving scalability and enabling buy-side clients to be ready to trade more quickly. 

JP Morgan’s Securities Services and BlackRock have adopted fintech company Saphyre’s platform to digitalise the account opening workflow, eliminating manual processes, improving scalability and enabling buy-side clients to be ready to trade more quickly. Saphyre’s technology provides BlackRock and other buy-side firms with an efficient process for opening accounts with custodians and broker-dealers. 

Saphyre enables seamless communication between clients, custodians and broker dealers by eliminating emails and phone calls and provides real-time capabilities that display the status and next steps, action ownership and provide a transparent audit trail. The result is an accelerated account opening experience through digitalisation of account information inputs, pre-population of redundant data, including market-specific documentation, and elimination of manual processes and wet ink signatures.
 
Naveen TV, Managing Director, JP Morgan’s Securities Services, says:
“Saphyre has been instrumental in transforming the account opening experience for our clients. JP Morgan was an early adopter of Saphyre and is now live in production after successfully testing its value proposition for over six months. Saphyre’s cutting-edge technology coupled with JP Morgan’s industry leading operating model and workflow tools allows us to continue to drive industry change that positions ourselves and our clients for the future.”
 
Liliane Ancona, Managing Director, BlackRock, adds: “With Saphyre, we’re reducing hours of work down to minutes and ensuring our funds are ready to trade more quickly all on a single platform. 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, says: “The combined industry expertise provided by JP Morgan and BlackRock has helped Saphyre leverage its patented technology to unlock a new paradigm for account opening, taking a historically manual process and digitalising 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.”

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