UMB Fund Services adopts Temenos tech for ETF drive

Wednesday 22 August 2018 00:32 CET | News

US-based fund administrator UMB Fund Services has teamed up with banking software provider Temenos to modernise its ETF services technology platform.

Under the terms of the agreement, the Temenos’ Multifonds platform will provide UMB the technology foundation for a more customisable ETF service offering. Using Temenos’ FundSuite, which allows consolidation of fragmented and manual ETF systems onto a single accounting and operations platform, UMB will be able to provide coverage of all physical ETF specifications.

The ETF sector has been one of the fastest growing asset classes over recent years, breaking through the USD 5 trillion milestone at the end of January 2018. Many fund administrators have highlighted the importance of the ETF to their growth plans, with Citi planning to launch a European ETF administration service in 2018. However, according to a recent study by Temenos, operational technology and systems were highlighted as the main challenge for the ETF industry growing further.

Earlier this year, Temenos signed a multi-year contract with Northern Trust to help modernise the bank’s transfer agency technology.

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Keywords: UMB Fund Services, Temenos, US, ETF, funding, banking software, ETF services technology platform, Exchange-traded fund, ETF administration service
Countries: World

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