BNY Mellon and Saphyre Leverage AI to Revolutionize Client Onboarding

Rhea-AI Summary

BNY Mellon and Saphyre have partnered to enhance client onboarding through AI technology, aligning with BNY Mellon's OMNISM strategy. This collaboration allows for improved communication and reduced fund launch times, enabling near real-time onboarding and facilitating efficient cross-border trading. BNY Mellon aims to save time for custody clients, significantly speeding up processes that previously took days. As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets under custody and $2.2 trillion in assets under management.

Positive

• Collaboration with Saphyre aims to automate and expedite client onboarding.
• Integration allows for improved communication and reduces fund launch time.
• AI technology enables near real-time client onboarding.
• BNY Mellon oversees $41.7 trillion in assets under custody, highlighting its market strength.

Negative

• None.

NEW YORK, June 8, 2021 /PRNewswire/ -- BNY Mellon and Saphyre today announced the firms are working together to utilize AI technology to revolutionize the client experience and substantially automate and expedite client onboarding. This collaboration supports BNY Mellon's OMNISM strategy to work with best-in-breed fintech organizations to innovate and support clients investment objectives.

Saphyre's platform enables seamless communication between clients and priority stakeholders by augmenting traditional communication channels, such as email, fax and phone calls. This integration between the two organizations allows for more streamlined communication reducing fund launch time to market, enabling more efficient cross border trading and enhancing client experience.

"Time is a finite and precious commodity. BNY Mellon's work with Saphyre aims to create true savings for our custody clients and truly expedite the client onboarding process. What once took days or weeks, is now near real time. This is yet another example of the digitization efforts BNY Mellon has undertaken in the past two years with a direct client benefit," said Caroline Butler, Global Head of Custody at BNY Mellon.  

"Having BNY Mellon join the Saphyre endeavor is a great honor. By applying our patented technology to their leading asset servicing operations we've demonstrated the ability to intelligently pre-fill client custody packs, allow for digital signatures, auto-setup SWIFT Reporting, Trade Message Routing, and Corporate Action standing instruction – while intelligently and dynamically tracking market requirements and their respective document statuses. In a post-COVID world where AI and digital is paramount, BNY Mellon is fully seizing the innovation mandate," said Gabino M. Roche, Jr., CEO and Founder at Saphyre.

To learn more about BNY Mellon's and Saphyre's collaboration, please join us at ENGAGE 21. Register here.

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

About Saphyre, Inc.
Saphyre leverages patented AI technology to digitize all pre-trade activities across multilateral counterparties: asset owners, investment managers/hedge funds, broker-dealers, custodians/prime brokers. 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 and clearly, but they can speed their onboarding processes and eliminate 70%-75% of redundant or inefficient post-trade activities.

Contacts:

Media:
Madelyn McHugh
+1 212 635 1376
Madelyn.mchugh@bnymellon.com

Analysts:
Marius Merz
+1 212 298 1480
marius.merz@bnymellon.com

 

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SOURCE BNY Mellon

FAQ

What is the significance of BNY Mellon's collaboration with Saphyre?

BNY Mellon's partnership with Saphyre aims to revolutionize client onboarding by utilizing AI technology, enhancing communication, and reducing the time required to onboard clients.

How much does BNY Mellon manage in assets as of March 2021?

As of March 31, 2021, BNY Mellon managed $41.7 trillion in assets under custody and $2.2 trillion in assets under management.

What technology does Saphyre use to improve client onboarding?

Saphyre leverages patented AI technology to digitize pre-trade activities, speeding up onboarding and reducing redundant post-trade activities.

What are the benefits of the AI integration between BNY Mellon and Saphyre?

The AI integration significantly reduces fund launch times, allows for efficient cross-border trading, and enhances overall client experience during onboarding.

What is BNY Mellon's OMNISM strategy?

BNY Mellon's OMNISM strategy focuses on partnering with top fintech organizations to drive innovation and support clients' investment goals.