LUXEMBOURG – June 8, 2018 – Temenos Multifonds, the world’s leading specialist in investment accounting and investor servicing software, part of Temenos, the banking software company, today announced that ume has won the audience vote at the inaugural Luxembourg Innovation Jam. Following this event, co-hosted with The LHoFT – Luxembourg House of Financial Technology, ume will now join other regional winners EdgeLab, Inpher, IZNES, RSRCHXchange, TransFICC, and Wealthinitiative in the Temenos Multifonds Innovation Jam competition at FundForum in Berlin on June 11.
ume is designed to respond to the asset management industry demands for an effective, automated due diligence of fund distributors. ume delivers an innovative utility platform for the exchange of information between fund distributors and management companies, providing a robust and consistent framework for identifying, benchmarking and selecting fund distributors.
Laurent Denayer, CEO of ume, said:
“The time dedicated by management companies and global distributors on due diligence is around 10 hours per fund distributor per year. This process includes sending questionnaires, collecting the answers, analyzing the results, having follow-up discussions and building reports. With ume, fund distributors can reduce this time by 90% by automating all of these tasks. Automation, done right, can deliver powerful results, and we’re delighted that the crowd at the Innovation Jam saw the value in the platform we’ve developed.”
Ben Robinson, Chief Strategy Officer at Temenos, added:
“At Temenos we are passionate about fostering innovation to make financial services better. The annual Innovation Jam competitions are one of our methods for identifying fintech companies to partner with via Temenos MarketPlace in order to add value to our clients. It’s an all-win solution – the fintechs are exposed to more clients, our customers gain access to the latest innovation, and together we create an ecosystem of the best and most modern technology.”