Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, today announced a new partnership with Curo Fund Services (www.CuroFund.com), South Africa’s largest third party administrator. Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers, and has assets under administration of more than $150bn.
Under this new agreement, Curo will migrate more than 3,000 funds from its five legacy fund accounting platforms to a single instance of Temenos’ Multifonds Global Accounting platform. The move will transform Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.
The decision to move to Temenos’ market leading fund administration platform is the result of a highly competitive bid process. During a detailed evaluation of different systems, Temenos was not only able to successfully demonstrate that its platform could support a large multi-client book of business, but could also support requirements specific to the South African market, including:
● Complex life and pensions portfolios structures and reporting
● Market specific requirements for asset classes such as bonds and swaps
● South Africa tax reporting and regulatory reporting
Commenting on the new agreement, Barri Maggott, CEO of Curo, said: “It was very clear to us that Temenos’ Multifonds Global Accounting platform was a best in class fund administration solution, well suited to the South African market, and would generate significant operational efficiencies. What has really impressed us is the process and workshops that Temenos put in place to demonstrate that this project would not only be successfully delivered in the short term, but would continue to provide future opportunities to support the global growth of our business.”
Oded Weiss, Managing Director of Temenos, comments: “We are delighted to form this new partnership with Curo to support its business. Curo, like many fund administrators, are viewing their technology platform not just through the traditional lens of efficiency and cost, but the future opportunities it can create by helping them enter new markets, launch new and innovative services, and win new business.”
Temenos has recently hired a new Head of Sales, Alex Menage, to expand its business in Africa. Temenos has more than 20 years of experience in providing universal, central, microfinance and Islamic banking solutions to banks in the African continent with over 80 customers across East and West Africa. Winners of the Best Digital Banking Solution at the 2018 East African Banking Awards, as well as Best Islamic Banking & Finance Software Solution at the World Finance Islamic Finance Awards 2018, Temenos plans to continue capitalizing on its strong growth in the region. The company remains dedicated to providing the world’s number one banking software to banks and financial institutions of all sizes throughout Africa.Distributed by APO Group on behalf of Temenos.