The cloud-driven application uses Saphyre’s AI technology. Credit: geralt from Pixabay.

Northern Trust and Saphyre have developed a solution to automate the process of account opening for the investment management customers of the former’s investment operations outsourcing (IOO) unit.

The solution offers a middle-office role to expand transparency and efficiency on a number of occasions, such as account configuration as well as account maintenance and transfer of asset.

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The cloud-driven application uses Saphyre’s AI technology to consolidate operational support right from pre-trade to post-trade in accordance with Northern Trust’s whole office strategy.

It also automates data collection and distribution to facilitate investment requirements.

Both the firms plan to roll out enhancements next year, with Northern Trust considering to introduce the same to its investment operations clients.

Saphyre’s platform is designed to provide custodians, investment managers, asset owners and middle office teams to simultaneously gain access to data once they are entered.

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The centralised data source can minimise errors. It can also reduce time needed to transition, open, and maintain accounts.

Northern Trust head of investment operations outsourcing US John Desmond said: “The Saphyre ecosystem enables best practices and standardised communications across market participants, providing the surest path to increased straight-through processing, reduced exceptions, and cost savings.

“Through our collaborative relationship, Saphyre has developed a middle office function that automates data sharing and communication between counterparties while enhancing the end-client’s experience.”

Earlier this month, Northern Trust and Equity Data Science (EDS) rolled out a new tool support investors’ environmental, social, and governance (ESG) requirements.