Temenos, the banking software company, has gained a new mandate from Curo Fund Services, South Africa’s largest third-party administrator.
Curo will utilise the Temenos Multifonds Global Accounting platform, completing the first phase migration of funds from its five legacy systems to a single instance of Temenos’ funds administration platform.
According to Curo, the move to Temenos’ platform has transformed its operating model by simplifying its architecture and enabling more automated exception-based processing.
Curo says this will increase efficiencies, reduce costs and open up new opportunities for growth.
Curo is able to deliver a back-office service with a higher degree of automation and straight-through processing.
Having successfully completed a first phase migration of funds, Curo expects to transition all 3,000 funds to the Temenos platform during 2021.
“We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients,” says Barri Maggott, CEO of Curo Fund Services.
Maggott explains that with Temenos technology, Curo can more efficiently support clients’ key asset servicing, position keeping, valuation and accounting functions.
Oded Weiss, managing director, Temenos, adds: “We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base.”
