Temenos (SIX: TEMN), the banking software firm, recently announced that Canada Life UK, a subsidiary of Canada Life Group, has officially gone live with Temenos Multifonds in order to support its UK investment accounting operations.
Administration of life and pensions funds is “highly governed” and poses various challenges in addressing the different requirements of multiple stakeholders with a wide range of accounting views.
As mentioned in the announcement, Temenos worked cooperatively with Canada Life UK to offer specific functionality for the UK market, such as support for UK SORP, UK Tax, Solvency II, as well as unique company reporting guidelines.
With this particular functionality now in place, the company has successfully migrated over 800 funds over a single weekend and will now be administering over £40 billion of assets via the Temenos platform.
The implementation has been announced after the migration of Canada Life’s Canadian business to Temenos Multifonds and has successfully consolidated both books of business totaling $160 billion in assets onto a single, scalable, globally-accessible fund accounting platform.
With an open architecture accessible through APIs and built on Cloud-native components, Temenos has been designed to “future-proof” the company’s tech investment and offers a path to future Cloud deployment.
Daniel Shaughnessy, Operations and Process Improvement Director of Canada Life UK, stated:
“The move to Temenos Multifonds frees us from legacy constraints to accelerate our digital transformation and increase operational efficiency.”
Oded Weiss, MD of Temenos Multifonds, remarked:
“Canada Life UK is a major player in the UK pensions and life market, and we congratulate them on this successful go-live with Temenos Multifonds. Our close collaboration delivered a smooth implementation and a fund administration platform specifically designed for the UK life market. The work we have done with Canada Life UK in developing Temenos Multifonds opens up new opportunities for other life companies in the UK to join our platform.”