Slovakia’s Tatra banka picks Temenos Multifonds for fund administration
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Slovakia’s Tatra banka picks Temenos Multifonds for fund administration 04 February 2022Slovakia Reporter: Jenna Lomax
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Tatra banka in Slovakia, part of the Raiffeisen Bank International Group, has selected Temenos Multifonds (Temenos) for fund administration services.
Tatra banka will implement Temenos to replace the back-end systems for Tatra Asset Management (TAM), the largest mutual funds manager in Slovakia, and its pension funds company, DDS TB.
The mandate aims to improve Tatra banka’s fund accounting and investor servicing capability, while enabling Tatra banka to accelerate the digitalising of operations and client interfacing.
Temenos will provide the core system for daily net asset value calculation and customer account management for TAM and DDS TB and includes specific pension fund administration and reporting functionality.
The pension fund module of Temenos will provide Tatra banka with functionality for employer and employee contributions, pension contracts management, receipt of pension payments, and the ability to manage accounts through maturity.
An application programming interface framework will provide easy integration with other internal and third-party systems to elevate the customer experience with increased transparency and real-time access to data.
Supporting 37 funds and more than 400,000 investors, Tatra banka provides the in-house administration for €3.8 billion in assets under management, 23 per cent of the entire Slovak mutual funds market.
Miloslav Mlynar, member of the board of directors, Tatra Asset Management and DDS TB, comments: “We chose to implement Temenos Multifonds as it is a proven, best-in-class, cloud-ready system with the flexibility to meet current and future needs across our asset management and pensions businesses.”
Oded Weiss, managing director of Temenos, says: “Tatra banka is a major player in the mutual funds and pensions market in Slovakia. Together, our partnership will bring new and enhanced functionality to their business and the market. With a clear vision for the future, Tatra banka is building on its market strength to lead the way in operational excellence and exceptional customer experience.”
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