Temenos has extended its investor servicing contract with Northern Trust.
The deal supports Northern Trust’s services and maximises operation efficiencies for its clients, according to Temenos.
According to Temenous, The Temenos Multifonds Global Investor platform will support a major migration of funds acquired through Northern Trust’s purchase of UBS Asset Management’s fund servicing units in Luxembourg.
The platform will also enable Northern Trust to fold satellite functions into the core engine.
This will offer operational benefits in areas including retrocessions processing, market integration with National Securities Clearing Corporation (NSCC).
Additionally, it will offer regulatory reporting with the Common Reporting Standard (CRS) Fair and Accurate Credit Transactions Act (FACTA) module.
Toby Glaysher, head of global fund services, International at Northern Trust, commented: “Temenos’ capacity to deliver a modern and open platform through application programming interfaces (APIs) reduces our time to market for new services enhancing client service.”
“The Temenos Multifonds Global Investor platform will scale to support a significant increase in volumes and we look forward to our continued collaboration with Temenos Multifonds.”
Oded Weiss, managing director of Temenos Multifonds, commented: “Third-party administrators are increasingly recognising both the need and urgency to digitally transform their businesses, to become more efficient, more competitive and increase scale.”
“We are proud to be an important part of Northern Trust’s strategic transfer agency programme. To support them in their move away from legacy platforms to Temenos Global Investor to help them achieve their growth ambitions.”
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