Temenos Multifonds has extended its partnership with Citi Securities Services to unify its existing regional fund accounting operation into a global operating model on Temenos Multifonds offered as software-as-a-service (SaaS).
Through the initiative, Citi Securities Services aims to handle its business across multiple geographies and asset classes effectively on a consolidated platform. This includes delivering fund accounting services earlier in the day across all time zones.
Citi Securities Services is engaged in offering end-to-end services for asset managers globally. It leverages Multifonds as part of the existing investment accounting platform.
Citi Securities Services global head Okan Pekin said: “The move to SaaS for our global fund services business enables Citi Securities Services to deliver global consistency in our client delivery as we continue to drive our data strategy forward and move to the cloud for core products and processes.”
Temenos Multifonds caters to both traditional and alternative funds, consolidating essential asset servicing, position keeping, valuation, and accounting functions for all types of pooled vehicles and funds across various jurisdictions.
The platform provides a flexible, real-time investment accounting engine with integrated views of investment book of records (IBOR) and accounting book of records (ABOR).
This enables seamless support and services to middle and back offices throughout each business day.
Temenos Multifonds managing director Oded Weiss said: “We have been partnering with Citi Securities Services for over 20 years.
“This programme is a natural part of the evolution of moving into SaaS, where our clients can achieve greater efficiencies and economies of scale to deliver better and faster data and services to their clients.”
Earlier this year, Citi Securities Services announced the integration of Financial Information eXchange (FIX) API connectivity into ACES, its online global exchange-traded fund (ETF) portal.
