Deutsche Bank has signed up to the onboarding and maintenance platform for custody, broker trading, and buy-side accounts offered by ascending fintech Saphyre.
The bank joins a growing list of sell-side firms using the service including the likes of Citi, Northern Trust, Standard Chartered, along with buy-side outfits Legal & General, Franklin Templeton and American Century.
The fintech also has relationships with custody giants BNY Mellon and JP Morgan dating back to 2021 and 2020, respectively.
Saphyre’s automated intelligence handles onboarding and maintenance of custody, broker trading, and buy-side accounts while synchronising in real-time associated reference data between them. This provides a real-time golden source of data to all external parties.
The fintech also notes that downstream, its solution eliminates issues relating to failed trades, and at the same time enables real-time, T+0, collaboration between parties which is necessary to meet the upcoming T+1 commitments.
“We are thrilled to have Deutsche Bank, one of the most prestigious financial firms in the industry, join the family of capital market firms on the platform,” said Stephen Roche, president & co-founder of Saphyre. “By having them as part of our network, not only will Deutsche Bank realise middle- and back-office operational benefits, but our mutual buy-side clients will gain them as well. All while being first to trade on any new funds.”
Saphye won Fintech of the Year at The TRADE’s Leaders in Trading awards 2023, in a category supported by Instinet.
The start-up’s tech digitises all pre-trade data and activities across multiple counterparties with its platform maintaining 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.
In speeding up the onboarding process, Saphyre claims it eliminates 70%-75% of redundant or inefficient post-trade activities.