The Financial technology services provider, Saphyre announced yesterday that the Capital Markets division of Standard Chartered has joined the list of financial institutions using the Saphyre platform for new fund onboardings and maintenance. Saphyre provides AI-driven solutions to solve pre-trade setups and post-trade issues.
The latest news from Saphyre came nearly 5 weeks after the fintech firm raised $18.7 million in its Series A funding round led by HCAP Partners. Some of the leading names in the financial services industry, including JPMorgan and BNP Paribas also joined the funding round.
Saphyre noted that its automated process reduces risk and inefficiencies by eliminating manual tasks for both buy- and sell-side teams. As a result, the process increases overall efficiency and helps in cost savings.
Gabino Roche, the CEO & Founder at Saphyre, shared: "It's exciting to officially announce that Standard Chartered is on the Saphyre endeavor. They adopted our technology early on and since then seen efficiencies for their middle and back-office operations during account setups while receiving feedback from their clients on a great experience. By having them as part of the network, buy-side firms gain operational benefits and speed to market."
Adoption of Technology
In the past few months, Standard Chartered has increased its efforts to facilitate its clients through technology-driven solutions. Earlier this year, the financial services provider announced several appointments, including a global head to drive digital strategy.
Through the recent partnership with Saphyre, Standard Chartered aims to make the process of fund onboarding smooth. “Standard Chartered has been collaborating with Saphyre on providing straight-through processing of account setups to speed the time to market to provide immediate liquidity as well as seamless post-trade allocations and settlement,” Saphyre added in the recent press release.
Since its launch in 2017, the fintech company has received more than 100 issued patents.
