Symphony partners with AI-powered fintech Saphyre to offer integrated pre and post-trade solution
New York and London, 29 June 2021 – Symphony- the leading financial markets’ infrastructure and technology platform, has established a strategic partnership with fintech firm Saphyre, Inc. to integrate patented AI technology into pre and post-trade workflows for front, middle and back office teams. The integrated solutions are available through Symphony’s platform.
The integration creates a one-stop, seamless experience for real-time notification updates for all onboarding and maintenance-related activities and ready-to-trade statuses of funds, trades, allocations, and settlements.
The Symphony platform – already used by over 500 market participants and with its built-in end-to-end security and compliance features – centralizes communication for internal and external workflow participants while the in-chat notifications drive transparency throughout the process. This is coupled with Symphony’s Directory, of over half a million financial professionals, and making it easy to identify and connect with other market participants on the network.
Symphony CEO, Brad Levy, said: “We are committed to tackling pain points in financial services workflows and this partnership with Saphyre will allow us to innovate with front, middle and back office teams as the industry looks to reimagine pre and post trade workflows to create a golden source for the democratization of that data. In order to be successful, programs require diversity of teams and interoperability between technology partners and industry participants. We are excited to partner here and accelerate digital adoption in market infrastructure.”
“The partnership and live production integration with Symphony achieves a demand that the industry has been crying for: interoperability of technology and data. The commitment, camaraderie, and excitement by both teams shows in the final delivered product. The finance community, front or middle/back office loves the combined Symphony-Saphyre intuitive and dynamic user experience. It’s setting a standard for how all future interoperable solutions need to work”, said Gabino Roche, CEO at Saphyre.
Symphony and Saphyre’s integration, which is live and ready for use today, establishes a scalable framework to build a complete suite of “ready-to” plug-in applications to the Symphony platform. The available integrations today are: Ready-To-Trade (RTT), which provides real-time status per fund, per trading instrument, per broker, and per market and NAV Termination Event Alerts, which automates the calculations of NAV terminations based on daily NAVs per broker (umbrella) agreement, fund, and NAV termination test (monthly, 3-month, 12-month, NAV Floor). Other applications soon to be available are the ready-to-allocate and ready-to-settle features for post-trade workflows, in addition to embedded chat modules and Symphony Community Connect capabilities.
Symphony is the most secure and compliant markets’ infrastructure and technology platform, where solutions are built or integrated to standardize, automate and innovate financial services workflows. The Symphony platform is a vibrant community of over half a million financial professionals from 500+ market participants with a trusted directory. It is powering over 2,000 community built applications and bots. The company was founded in 2014 and has raised $510 million from institutional investors. For more information, visit www.symphony.com.
About Saphyre, Inc.
Saphyre leverages patented AI technology to digitize all pre-trade data and activities across multiple counterparties: from asset owners to investment managers, hedge funds to prime brokers, any client firms to broker-dealers and custodians, and much more. Saphyre’s platform maintains 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. This allows firms not only to assess risk faster but they can speed their onboarding processes, get real-time ready-to-trade statuses per account, and eliminate 70%-75% of redundant or inefficient post-trade activities. Learn more at https://www.saphyre.com.