Temenos (SIX: TEMN), the banking software company, today announced that it has signed a multi-year deal with leading global financial services company Northern Trust (Nasdaq: NTRS).
The deal extends its existing investor servicing contract and supports Northern Trust’s continued focus on providing market-leading solutions and maximizing operational efficiencies for its clients.
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. Through the acquisition, Northern Trust was established as a top 10 asset servicing provider in terms of assets under administration in Luxembourg.
Through the use of the platform, Temenos Multifonds Global Investor’s wide footprint of capability will enable Northern Trust to fold satellite functions into the core engine. This will offer operational benefits in areas like retrocessions processing, market integration with National Securities Clearing Corporation (NSCC) and regulatory reporting with the CRS/FACTA module.
Commenting on the new deal, Toby Glaysher, Head of Global Fund Services, International at Northern Trust, stated: “At Northern Trust we are committed to evolving our services and solutions to best support our clients’ requirements. Investing in innovative, flexible and modern technologies and working with key partners such as Temenos is part of this strategy. Temenos’ capacity to deliver a modern and open platform through Application Programme 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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