Saphyre and FXall Announce Strategic Alliance to Digitize Client Onboarding for Buy and Sell Sides

A strategic alliance was announced today between the London Stock Exchange Group’s (LSEG) FXall business and Saphyre to digitize the account onboarding for FXall clients through Saphyre’s patent-approved AI technology, which 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.

Asset owners, investment management firms, custodians and banks have been leveraging Saphyre’s technology since the summer of 2020 to digitize the workflow of opening accounts and maintaining them, making the process faster and more scalable. 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, Saphyre’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.

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.”

About Saphyre
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, and much more. Saphyre’s 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. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities.