JP Morgan has adopted a fintech platform to digitise processes for clients that open custody accounts.
The platform was created by Saphyre, a US fintech firm, and JP Morgan securities services business has implemented it along with fund manager BlackRock.
JP Morgan says it tested the platform for six months and that by using Saphyre’s AI technology the firm has automated account opening and eliminated manual processes including the need for emails and phone calls.
Liliane Ancona, managing director at BlackRock, said work lasting hours now takes minutes and enables BlackRock to ditch manual processes in the account opening process across custodians and broker-dealers.
Naveen TV, of JP Morgan’s securities services business, said Saphyre has been “instrumental in transforming the account opening experience for our clients”.
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