SAPHYRE AND CITI BRING ACCELERATED ACCOUNT MANAGEMENT TO MUTUAL CLIENTS
New York, NY, 28 June 2022 – Saphyre, a fintech company using patent-approved AI technology, announced today that the Saphyre platform is available to Citi Securities Services’ shared custody clients to manage new account openings and maintenance. Saphyre’s platform provides Citi with an additional option to parallel its existing account management solution and can provide the benefit of substantially automating and expediting client onboarding.
Saphyre’s capabilities to synchronize data provides efficiencies and advantages in tracking all local market requirements and documentation across Citi’s global network spanning 104 markets. The platform’s intelligent automation provides clients and custodians like Citi an accelerated account opening experience through digitization of account information inputs, pre-population of complex and cumbersome custodial packs including market-specific documentation, and elimination of manual processes and wet ink signatures. Clients can seamlessly communicate with Citi and priority stakeholders by augmenting traditional communication channels, such as email, fax, and phone calls.
“Our constant focus is on reducing friction and providing efficiencies for clients. Adding Saphyre into our ecosystem further eliminates manual tasks for clients and reduces time to market,” said Rebekah Flohr, Managing Director, North America Head of Custody Product at Citi.
“Adding Saphyre to our open architecture platform provides flexibility for shared clients, allowing them to connect seamlessly across our extensive custody network via a single onboarding portal,” said Michele Pitts, Managing Director, U.S. Head of Custody Product at Citi.
With over US $27.0 trillion of assets under custody, administration and trust, and the industry-leading proprietary network covering 104 countries including 63 proprietary markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients’ needs.
“Having Citi Securities Services live on the Saphyre platform is a tremendous accolade for our firm. By doing so, Citi takes advantage of Saphyre’s strategic technology capabilities in providing a true ready-to-trade status of client accounts. This patented AI-driven end-result is made possible on the back of Citi’s operations taking advantage of our smart technology that pre-fills client custody packs, digital signatures, auto-setup SWIFT Reporting, trade message routing, and corporate action standing instructions – all the while tracking market requirements and their respective document statuses. The post-COVID world requires AI and digital strategies. Together, Citi and Saphyre are utilizing these technologies to provide innovative solutions that benefit their clients said Gabino M. Roche, Jr., CEO and Founder at Saphyre. “As part of Citi’s integrated custody experience for its clients, integrating with Saphyre will further enhance the bank’s ability to further streamline processes seamlessly for clients that use both global and direct custodian businesses,”