FXall and Saphyre Deal Goes Live

Just under a year after first announcing it, LSEG’s FXall has gone live with its collaboration with fintech Saphyre’s solution for client onboarding – the firm says the solution will accelerate the setup of funds and reduce settlement times.

Clients onboarding their new funds through FXall will have a single-entry process to setup their funds for all their liquidity providers at one time, and to share related legal documents more efficiently, while benefiting from full transparency into the status of each bank’s onboarding process.

Banks will use Saphyre’s API to consume account onboarding information and approve those accounts systematically in FXall, setting them up to be ready to trade in as little as 24 hours, the firms say. In addition, FX liquidity providers can complete their KYC for these accounts in order to trade FX, equities and fixed income – a triple benefit towards getting accounts to be trade and settlement ready within 24 hours.

“This benefit will remove the unnecessary delays related to the KYC processes occurring in post-trade today,” says Saphyre’s president, Stephen Roche, while Gabino Roche Jr., CEO and founder at Saphyre adds, “Saphyre provides trading and post-trade benefits; especially in addressing the plethora of concerns that come with the T+1 deadline.”

Jill Sigelbaum, head of FX strategic development and partnerships, LSEG, says. “We are committed to improving and evolving the way our clients experience FXall. Incorporating Saphyre’s innovative technology solution into the platform enables us to offer our clients a new systematic and effective onboarding process.”