The Slovak market leader in mutual funds, Tatra banka, part of the Raiffeisen Bank International Group, selected Temenos to transform its fund accounting and investor servicing capability. Consolidating multiple systems on a single, cloud-native global platform will increase scalability, efficiency and controls while enabling Tatra Banka to accelerate the digitalizing of operations and client interfacing.
Implementing Temenos Multifonds facilitates the replacement of the back-end systems for Tatra Asset Management (TAM), the largest mutual funds manager in Slovakia and its pension funds company (DDS TB). Temenos Multifonds will provide the core system for daily net asset value (NAV) calculation and customer account management for TAM and DDS TB and include specific pension fund administration and reporting functionality. Tatra banka will have the ability to apply sophisticated and highly automated workflows to increase operational efficiencies and reduce risk.
Supporting 37 funds and over 400,000 investors, Tatra banka provides the in-house administration for €3.8 billion in AUM, 23 percent of the entire Slovak mutual funds market and 31 percent of supplementary pension funds (Slovak 3rd pension pillar). The Pension Fund module of Temenos Multifonds will enhance Tatra banka’s functionality for employer and employee contributions, pension contracts management, receipt of pension payments, and the ability to manage accounts through maturity.
“Tatra banka’s brand promise is to be the leader in innovations and regularly offer clients new useful products that make their lives easier. Consolidating our technology infrastructure and adopting a modern technology platform can help us with this ambition. We chose to implement Temenos Multifonds as it is a proven, best-in-class, cloud-ready system with the flexibility to meet current and future needs across our asset management and pension businesses.”Miloslav Mlynar, Member of the Board of Directors, Tatra Asset Management and DDS TB