Temenos (TEMN.VX), the banking software company, today announced that Citi has extended its existing contract for Temenos Multifonds Global Accounting to drive operational excellence, reduce costs and deliver digital customer experiences for its global fund services business. Temenos’ platform and integrated operating model delivers localized accounting and reporting to underpin the management of Net Asset Value (NAV) production.
Citi Equities and Securities Services, a long-standing partner of Temenos for more than a decade, provides an end-to-end service proposition for asset managers in more than 80 countries across the globe. Temenos Multifonds Global Accounting product provides an agile and flexible global platform on which Citi can expand its business and deliver differentiated services to customers.
Max Chuard, CEO, Temenos, said: “We are proud to support Citi’s global fund services business growth. The fund industry is an ever-changing environment, defined by evolving regulatory requirements, expense pressures and sophisticated client demands. For businesses to thrive in such a landscape, we believe investing in innovative and flexible modern software is key. Temenos Fund Administration products have the hallmark of excellence, delivering the cost and operational efficiencies to enable businesses to grow exponentially while also future-proofing their operations.”
Temenos has a 20-year track recording of providing class-leading fund administration software. Temenos Fund Administration products support $7 trillion assets and more than 30,000 funds worldwide.
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Temenos AG (TEMN.VX), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.