French bank Societe Generale has implemented artificial intelligence (AI) platform Saphyre to help improve its onboarding process.
The platform will be used by the bank’s global markets division and will be applied to buy-side funds.
US-based Saphyre digitises pre-trade data and documents in a bid to reduce the manual and duplicate processes that have made the onboarding process so inefficient for many in the funds market.
The implementation by Societe Generale comes just weeks after Saphyre completed a series A funding round that featured the likes of JP Morgan and BNP Paribas.
The AI startup raised $18.7 million from the funding round which it said would be used to accelerate its product development and support the expansion of its interoperability initiatives.
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