UK-based fintech Saphyre has recruited abrdn to its onboarding platform.

The asset manager joins a list of asset servicers, asset managers and other buy-side firms to have signed up to Saphyre’s service.

Existing users include Northern Trust, Citi, Standard Chartered and Deutsche Bank who all signed up in March.

The process of onboarding new customers has long been a source of frustration for market participants.

It is still a heavily manual process where an abundance of paperwork and lack of automation jars with the largely digital process experienced when signing up for most other services.

Stephen Roche, president and co-founder of Saphyre, said he was “ecstatic” about recruiting abrdn to the platform.

“By deploying our technology, abrdn will maintain data integrity through the lifecycle of a fund. Providing them with speed in the pre-trade through post-trade processes not for just their firm, but also with their broker and custodial counterparts,” said Roche.

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