Northern Trust has partnered with Saphyre to provide its investment operations outsourcing division with an automated account opening process for investment manager clients.
The solution increases the transparency and efficiency of account setup and maintenance and asset transfer requests, among other event types. It is planned to be rolled out to all Northern Trust’s investment operations clients following development over the coming year.
Through Saphyre’s platform, data can be inputted once and accessed simultaneously by those involved in supporting an account. By using a centralised data repository, error risk is mitigated and the time spent on account opening and maintenance is reduced.
Gabino Roche, CEO and founder of Saphyre, says: “We are excited to launch this new service. Northern Trust is the first to seize this opportunity in the middle-office function, with far reaching, positive impacts for post-trade. Investment managers using Saphyre’s solutions reduce emails and manual data entry by more than 75 per cent.”
John Desmond, head of investment operations outsourcing for the US at Northern Trust, comments: “The Saphyre ecosystem enables best practices and standardised communications across market participants, providing the surest path to increased straight-through processing, reduced exceptions, and cost savings. Saphyre has developed a middle-office function that automates data sharing and communication between counterparties while enhancing the end-client’s experience.”
