Specifically, Temenos disclosed an extension of its collaboration with Citi Securities Services, wherein Multifonds, a Temenos solution, will be employed to amalgamate Citi's present regional fund accounting operations into a global operational framework, delivered through Software as a Service (SaaS).
In essence, Citi Securities Services, known for its comprehensive services to asset managers worldwide, integrates Multifonds into its existing investment accounting platform to facilitate end-to-end services. This strategic shift towards a global operating model for Citi's global fund services business, transitioning from an on-premise system to Multifonds SaaS, facilitates streamlined management of business operations across diverse geographies and asset classes on a unified platform. Notably, this transition enables Citi Securities Services to provide fund accounting services across all time zones earlier in the day.
Officials from Citi emphasised the significance of this move, citing its role in ensuring global consistency in client delivery and advancing the data strategy by transitioning core products and processes to the cloud.
Representatives from Multifonds, Temenos highlighted the longstanding partnership between Temenos and Citi Securities Services spanning over two decades and noted that this program aligns with the trend of transitioning to SaaS, enabling clients to attain greater efficiencies and economies of scale for enhanced data and service delivery.
Temenos Multifonds offers comprehensive support for both traditional and alternative funds, integrating critical asset servicing, position-keeping, valuation, and accounting functions across various fund structures and jurisdictions.
The platform features a flexible, real-time investment accounting engine with integrated Investment Book of Records (IBOR) and Accounting Book of Records (ABOR) views, facilitating seamless support and services to middle and back offices throughout each day.
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