Temenos Multifonds extends partnership with Citi Securities Services to consolidate global funds services on Multifonds SaaS
Move to Multifonds SaaS enables Citi Securities Services to manage its global business efficiently on a single platform
GENEVA, Switzerland, May 08, 2024 (GLOBE NEWSWIRE) -- Today, Temenos (SIX: TEMN) announced that Multifonds has extended its relationship with Citi Securities Services to consolidate its current regional fund accounting operation into a global operating model on delivered as SaaS.
Citi Securities Services provides end-to-end services for asset managers globally, using Multifonds as part of its existing investment accounting platform.
The move to a global operating model for its global fund services business and from an on-premise system to Multifonds SaaS enables Citi Securities Services to manage its business across multiple geographies and asset classes efficiently on a single platform which includes delivering fund accounting services earlier in the day across all time zones.
Citi's Global Head of Securities Services, Okan Pekin, commented: “The move to SaaS for our global fund services business enables Citi Securities Services to deliver global consistency in our client delivery as we continue to drive our data strategy forward and move to the cloud for core products and processes.”
Oded Weiss, Managing Director - Multifonds, Temenos, said: “We have been partnering with Citi Securities Services for over 20 years. This program is a natural part of the evolution of moving into SaaS, where our clients can achieve greater efficiencies and economies of scale to deliver better and faster data and services to their clients.”
Temenos Multifonds supports traditional and alternative funds and combines key asset servicing, position keeping, valuation and accounting functions for all structures of pooled vehicles and funds, across multiple jurisdictions.
The platform offers a flexible, real-time investment accounting engine with integrated Investment Book of Records (IBOR) and Accounting Book of Records (ABOR) views, enabling seamless support and services to middle and back offices throughout each day.
About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.
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