Citi partners with Saphyre, a fintech company, to provide better account opening and management services.
Saphyre can track all local market requirements and documentation on Citi’s global network and can digitize account information entries by preparing market-specific documentation, according to a press release.
Citi will offer the service to Securities Services shared custody customers.
“Having Citi Securities Services live on the Saphyre platform is a tremendous reward for our company. In doing so, Citi leverages Saphyre’s strategic technology capabilities by providing true trade-ready status of client accounts,” Gabino M. Roche Jr., CEO and Founder of Saphyre, said in the release. “This patented AI-powered end result is made possible through Citi Operations leveraging our smart technology that pre-populates customer custody packages, digital signatures, auto-configure SWIFT Reporting, routing commercial messages and standard corporate actions, while following market requirements and their respective document statuses. The post-COVID world requires digital and artificial intelligence strategies. Together, Citi and Saphyre are using these technologies to provide innovative solutions that benefit their customers.”