Temenos AG, the Geneva headquartered Fintech specialising in banking software solutions, revealed in its latest announcement that its “Multifonds Global Accounting” product had been awarded the title of “Best in Class” by Aite Group’s Matrix Evaluation of Investment and Fund Accounting Systems.
Aite Group is one of the leading players in global research and advisory services and delivers comprehensive, actionable advice on business technology and regulatory issues across a wide range of firms in the financial services industry.
Aite Group primary deals with firms providing banking, payments, insurance, wealth management, and capital market services. The firm’s Matrix product is a proprietary vendor assessment framework that delivers an impact report after evaluating the overall competitive position of 16 vendors focusing on their stability, client strength, product features, and client services.
And in its latest such impact report, the assessment software has named Temenos as one of the five participants with the title of “Best in Class” status. Temenos AG’s “Multifonds Global Accounting” product is a fund administration software that offers fund administrators with rich functionality and seamless user experience by leveraging on explainable AI (XAI) to help improve operational efficiency.
Amid the ongoing global COVID-19 pandemic which has resulted in turmoil across all major financial markets, the XAI powered fund administration software helps its clients gain high efficiency and scalability via robust automated workflows and controls allowing them to deliver on challenging service-level agreements that match the demand. This tool provides both middle and back-office functions for custodians, fund administrators, traditional asset managers, and insurance companies.
As per impact report from the research and advisory service provider, clients who use the Temenos Multifonds Global Accounting tool regard its broad coverage of global accounting regulatory standards as its main strength, given its support for funds from 30 different jurisdictions. Another strength of this tool seems to be from Temenos AG’s core accounting engine, which has the capability to rerun calculations with very low time lag across multiple funds, thereby facilitating optimal operational efficiency.
Commenting on this award, Paul Sinthunont – Senior Analyst at Aite Group said “Temenos Multifonds Global Accounting is a highly flexible and customer-centric product that can be customised to best serve its clients’ needs. The product is well regarded, particularly in Europe and Asia, as a universal solution with broad, global functionality. Temenos Multifonds Global Accounting is a consolidation of the company’s 20 plus years of experience delivering investment and fund accounting technology”.
Speaking on the same note, Max Chuard – CEO of Temenos AG said “It is a privilege to receive this recognition from Aite Group for Temenos Multifonds Global Accounting. We continue to build on our extensive market experience delivering the most technologically advanced and functionally rich fund administration software. We relentlessly invest 20% of our revenue back into R&D – the highest in the industry – and we continue to do this amid the COVID-19 pandemic to give banks access to class-leading technology at this crucial time.
He further stated: “As a result of our commitment to innovation and investment, Temenos can deliver clients unrivalled levels of functionality and operational efficiency to support them at this challenging time through products that incorporate the latest cloud, API-first and Explainable AI-driven technology”.
