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Citi Securities Services embraces SaaS with Temenos Multifonds for global fund operations

Temenos Multifonds extends its partnership with Citi Securities Services, transitioning to a global SaaS model to enhance fund services efficiency.

  • Editorial Team
  • May 9, 2024
  • 2 minutes

Temenos announced yesterday, May 8, that Multifonds has extended its relationship with Citi Securities Services to consolidate its current regional fund accounting operation into a global operating model on Temenos Multifonds delivered as SaaS.

Citi Securities Services provides end-to-end services for asset managers globally, using Multifonds as part of its existing investment accounting platform. This strategic evolution promises to unify and enhance fund services across continents, setting a new benchmark for efficiency and consistency in the financial sector.

The transition to a global operating model for its global fund services business and from an on-premise system to Multifonds SaaS enables Citi Securities Services to manage its business across multiple geographies and asset classes efficiently on a single platform which includes delivering fund accounting services earlier in the day across all time zones.

The adoption of SaaS by Citi Securities Services is not merely a technological upgrade; it represents a commitment to global consistency and efficiency. Okan Pekin, Citi’s Global Head of Securities Services, commented: “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.”

The relationship between Temenos Multifonds and Citi Securities Services spans over two decades, a testament to the enduring value and trust between the two entities. Oded Weiss, Managing Director at Multifonds, highlighted the natural progression of this partnership into the SaaS domain: “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.”

Temenos Multifonds supports traditional and alternative funds, integrating essential asset servicing, position-keeping, valuation, and accounting functions for all pooled vehicle and fund structures across multiple jurisdictions. The platform offers a flexible, real-time investment accounting engine with integrated Investment Book of Records (IBOR) and Accounting Book of Records (ABOR) views, enabling seamless support and services to middle and back offices throughout each day.