Curo Fund Services goes live with Temenos Multifonds accounting platform

Temenos Multifonds has announced that South African-based Curo Fund Services has gone live with its Global Accounting platform, completing the first phase migration of funds from its five legacy systems.

Curo services 3,000 funds with assets under administration of more than $150 billion. Having successfully completed a first phase migration of funds, Curo is expected to transition all 3,000 funds to the Temenos platform this year.

By moving to Temenos’ platform, Curo’s operating model will benefit from more automated exception-based processing to “increase efficiencies, reduce costs and open up new opportunities for growth”.

Temenos’ platform will enable Curo to deliver a back-office service with a higher degree of automation and straight through processing. The service provider added that risk and cost will be reduced by reducing human processing. This will allow Curo to deliver a best-in-class service to clients with automated information flows between the administrator and asset managers.

Temenos explained that requirements specific to the South African market are supported by the platform, including complex life and pension portfolio structures and reporting, market specific requirements for asset classes such as bonds and swaps, and South Africa tax reporting and regulatory reporting.

“With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions. We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry, this gives Curo and our clients a competitive edge,” said Barri Maggott, chief executive officer, Curo Fund Services.

Curo is given the agility to expand geographically and support its local clients that operate in international markets, by operating its business on Temenos Multifonds Global Accounting.

“Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform,” said Oded Weiss, managing director, Temenos.

Last summer, Temenos launched a SaaS Explainable AI (XAI) model to help fund administrators and custodians improve operational efficiency by leveraging static and transactional data patterns, coupled with human judgement and expertise.   

The launch came following a handful of deals for the vendor, which saw mandates from BNP Paribas Securities Services, Citi and Canada Life.

Temenos’ technology is also used for the fund administration and transfer agency businesses of BNP Paribas Securities Services, Credit Suisse, Northern Trust, and Standard Chartered.