SAPHYRE
For all changes to specific trades , Saphyre ’ s tools digitally authenticate the user making the necessary amendments .
As Gabino explains : “ It ’ s so important to digitally authenticate , firstly to stop any malicious fraud or unauthorised access taking place – and secondly , most likely , any accidental fraud taking place .
“ There have been cases where traders have been making fixes to a particular trade and accidentally placing their personal checking account number on the receiving end of a trade – it happens .
“ With Saphyre , traders can digitally authenticate and authorise a resolution to a trade exception issue in post-trade with real-time automation . So , if you ’ re in that five-hour window and fixing a trade , you know it will be completed securely with Saphyre .”
In total , Saphyre has six authentication methods to ensure trades are completed as swiftly as possible . This includes eliminating SSI callbacks and trade callbacks to make sure trades are completed as intended .
Without these tools and the ability to authenticate and track this across asset classes , firms have to spend more money on multiple tools , manual labour and redoing trades – resulting in more costs and transaction fees .
Fines from regulators for not abiding by compliance restrictions can also be expected – something wholly avoidable through automated technology .
80 September 2024