BNY Mellon and Saphyre partner to utilize AI to revolutionize client onboarding

By Pavithra R

BNY Mellon has announced partnering with Saphyre to utilize AI technology to revolutionize the client experience and substantially automate and expedite client onboarding.

The alliance supports BNY Mellon’s OMNISM strategy to work with best-in-breed fintech organizations to innovate and support clients investment objectives.

“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.

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.

“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.

Established in 1784, BNY Mellon delivers informed investment management and investment services in 35 countries and serves clients around the world. According to company data, as of March 31, 2021, the investment banking company had $41.7 T in assets under custody and/or administration, and $2.2 T in assets under management.