Saphyre, Inc., a fintech company using patented technology to solve pre-trade activities and post-trade issues, announced plans to collaborate with DTCC, the premier post-trade market infrastructure for the global financial services industry, to deliver a solution to support clients with U.S. T+1 settlement requirements. Saphyre plans to link Saphyre’s Ready-To-Trade solution with data from DTCC’s ALERT to increase transparency, efficiency, and straight-through processing across the institutional trading industry.

Ready-To-Trade subscribers will be able to query the status of critical standing settlement instructions (SSIs) reference data for all accounts, across all parties and across electronic systems directly from the Saphyre platform. The SSI status query can be done at the point of account opening or at any time during the trade lifecycle, resulting in less trade breaks and settlement fails and increased efficiency in support of a T+1 settlement cycle. The SSI status information for trade permissions will be available via DTCC’s ALERT API.

Today Saphyre’s patented platform enables buy-sides, sell-sides, custodians, fund administrators, asset owners, electronic trading platforms, and order management systems to efficiently onboard, as well as maintain the updates to their client accounts before trading and throughout their lifecycle – all in real-time.

Gabino Roche Jr., CEO & Founder at Saphyre said: “This collaboration between Saphyre and DTCC is another example of how Saphyre is leveraging pre-trade data to manage Ready-To-Trade capabilities for the front office while proactively streamlining post-trade settlement activities. These are the types of real-time solutions needed for T+1 operational readiness and management.”

“With the U.S.’s move to T+1 settlement fast approaching, we are pleased to collaborate with Saphyre to bring solutions to the global financial industry,” said Bob Stewart, DTCC Executive Director of Institutional Trade Processing. “Connecting client reference data through a link between Saphyre’s Ready-To-Trade solution and data from DTCC’s ALERT provides users with an end-to-end approach as they work toward creating operational efficiencies to successfully achieve accelerated settlement, enabling them to solve discrepancies that could potentially delay settlement.”

Source: Saphyre