Curo Fund Services South Africa’s largest third party manager with assets under its administration of more than $150bn has announced a partnership with leading banking software company Temenos.
Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. Under the new deal, Curo will migrate more than 3,000 funds from its five legacy fund accounting platforms to a single instance of Temenos’ Multifonds Global Accounting platform.
The move will transform Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.
The decision to move to Temenos’ market leading fund administration platform is the result of a highly competitive bid process.
“It was very clear to us that Temenos’ Multifonds Global Accounting platform was a best in class fund administration solution, well suited to the South African market, and would generate significant operational efficiencies.
What has really impressed us is the process and workshops that Temenos put in place to demonstrate that this project would not only be successfully delivered in the short term, but would continue to provide future opportunities to support the global growth of our business,” said Barri Maggott, Curo CEO.
Temenos recently hired a new Head of Sales, Alex Menage, to expand its business in Africa. With more than 20 years of experience in providing universal, central, microfinance and Islamic banking solutions to banks in the African continent, the company recently scooped the Best Digital Banking Solution at the 2018 East African Banking Awards.
The company remains dedicated to providing the world’s number one banking software to banks and financial institutions of all sizes throughout Africa.