Northern Trust (NASDAQ: NTRS) announced an expansion of its collaboration with fintech company Saphyre to enhance structured workflows across the complete account lifecycle for Investment Operations Outsourcing clients.

The enhanced offering builds on the existing partnership between the Chicago-based financial services company and Saphyre, which specializes in facilitating account transitions for middle-office operational events.

The solution provides Northern Trust IOO clients with centralized workflow management for account events, featuring automated processes and exception management designed to reduce manual effort and operational risk. The system maintains data consistency across stakeholders while supporting governance and audit functions for account changes and transitions.

"The expanded capabilities we offer with Saphyre reinforce our commitment to reducing manual workload and increasing transparency," said Ryan Burns, head of Global Fund Services, Americas at Northern Trust.

Gabino Roche, founder and CEO of Saphyre, stated that the expansion addresses client demand for automation beyond account opening to include major transition points throughout the account lifecycle.

Saphyre uses patented AI technology to digitize pre-trade data and activities across multiple counterparties including asset owners, investment managers, hedge funds, prime brokers, and custodians. The platform maintains data memory to eliminate redundant information submission and can reduce post-trade activities by 70%-75%, according to the company.

Northern Trust's Global Fund Services division provides asset servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions. As of March 31, 2025, Northern Trust reported assets under custody and administration of $18.6 trillion and assets under management of $1.8 trillion.

The information is based on a press release statement from Northern Trust.