Exclusive video: Saphyre founders outline changes in finance
Held at the QEII Centre in the heart of Westminster, London, our annual two-day conference FinTech LIVE London was a disruptive learning and networking event showcasing the industry’s leading figures across innovation, thought leadership and strategy.
Saphyre unveils Project Zero
"Change is coming for all of us; it's inevitable," proclaims Stephen Roche, Co-founder of Saphyre, at the beginning of his opening keynote at FinTech LIVE London 2023.
The key, he says, is to embrace and prepare for that change.
Taking the reins, Gabino Roche, Jr. details the concept of T+2, signifying the 48-hour period banks currently have to deliver shares to an account following a trade.
He goes on to explain, however, that change is on the horizon. From the end of May 2024, trades across the US and Canadian markets must settle within 24 hours of the initial trade – otherwise known as T+1.
"The entire financial industry is being impacted," Gabino continues, "even though it sounds like it's just the US and Canada. There's a global impact to the rest of the world."
'Disruption is coming'
The question Saphyre asks is "why not T-0?"
This brings Stephen and Gabino on to 'Project Zero', the firm's proposed solution for financial institutions.
Saphyre leverages patented AI and its memory of digitised pre-trade account data, allowing clients to eliminate redundant post-trade activities and reduce trade exceptions management from hours to minutes.
Gabino adds: "We've been telling firms, 'you should be working in a real-time environment; not just in your internal operations, but with every one of your counterparties or clients'.
"Firms working with us are seeing competitive advantages against their peers. But now, given the regulatory demand and this six-month clock [until T-1], they can't just merely throw labour at it. Technology innovation is needed."
To watch the Roche brothers' opening keynote in full, simply click on the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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