BNY Mellon and Saphyre have collaborated to utilise artificial intelligence (AI) technology to revolutionise the client experience and substantially automate and expedite client onboarding.
Saphyre’s platform enables the communication between clients and priority stakeholders by augmenting traditional communication channels, such as email, fax and phone calls.
This integration between the two organisations allows for more streamlined communication reducing fund launch time to market, enabling more efficient cross border trading and enhancing client experience.
According to Caroline Butler, global head of custody at BNY Mellon, time is a finite and precious commodity, and BNY Mellon’s work with Saphyre aims to create true savings for its custody clients and truly expedite the client onboarding process.
Butler explains: “What once took days or weeks, is now near real time. This is yet another example of the digitisation efforts BNY Mellon has undertaken in the past two years with a direct client benefit.”
Gabino Roche, CEO and Founder at Saphyre, says: “Having BNY Mellon join the Saphyre endeavour is a great honour. 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 are paramount, BNY Mellon is fully seizing the innovation mandate,” Roche adds.
Elsewhere, BNY Mellon has been appointed by Invesco Fund Management and Invesco Management to provide transfer agency servicesto $100 billion of their respective ICVC and SICAV fund ranges.