Saphyre’s pre-trade and post-trade platform, which is utilized by some of the world’s leading financial institutions for account onboarding and maintenance, is now able to digitally track and permit parties to negotiate legal agreements on the platform all while enriching the entire end-to-end onboarding process.
As shared recently when Legal & General Investment Management joined the Saphyre platform, the legal module within Saphyre is agreement type-agnostic (ISDA, GMRA, MSFTA, MRA etc.) and has templates to digitally structure ISDAs and many other types of agreements. The Saphyre system stores a digital version of the master agreement while maintaining its annex of active accounts as well as tracking any removals as part of the offboarding process. The streamlined process is automatically aligned with the broker and end-client onboarding workflows when a new account is opened. This process allows the system to kick off the legal workflows to add new accounts to the existing digital master agreement on the platform.
“Saphyre’s legal component is a pivotal part of the entire onboarding cycle especially when it comes to containing all workstreams in one single connected ecosystem,” says Saphyre Chief Product Officer Ishaq Khwaja. “Digitizing legal agreements and their amendments within a few clicks shows how Saphyre can bring more efficiencies and get firms ready to trade faster. Furthermore, this keeps buy-sides and sell-sides on the same page, digitally in real-time, as to what accounts are active for each of the respective umbrella agreements.”
Saphyre’s AI-driven, interoperable onboarding platform helps buy-sides and sell-sides, lenders and borrowers, as well as custodians and fund accountants, remove the bottlenecks created by legacy systems and manual processes. By automating the onboarding and account maintenance processes using Saphyre’s AI, institutions can reduce the potential for errors, increase the speed of transactions and provide more transparency to their stakeholders.