Northern Trust and Saphyre have deployed into production automation of the account opening process for investment manager clients of Northern Trust's Investment Operations Outsourcing business. The two firms collaborated on this innovative solution, which provides a dynamic middle-office function to increase transparency and efficiency for events including account setup, account maintenance and asset transfer requests. Leveraging Saphyre's patented AI technology to streamline operational support from pre-trade through post-trade is in line with Northern Trust's Whole Office strategy, which integrates proprietary architecture with innovative companies.

As enhancements are made over the next year, Northern Trust will schedule a planned rollout to all its Investment Operations clients. Saphyre's platform allows data to be entered once for simultaneous access by custodians, investment managers, asset owners and middle office teams supporting these accounts. The centralized data repository for all counterparties can reduce the potential for errors while shortening the lead time required to transition, open, and maintain accounts.

Northern Trust's Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and capital market revenue enhancement solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes.