GENEVA, Switzerland – August 21, 2018 – Temenos (SIX: TEMN), the banking software company, today announced that Milwaukee, Wisconsin-based UMB Fund Services (UMB) signed an agreement to modernize its Exchange Traded Funds (ETF) administration capabilities using Temenos’ Multifonds platform. Under the terms of the agreement, Temenos will provide UMB with the technology foundation for the most efficient and customizable ETF servicing platform on the market.
FundSuite, with its integrated ETF module, allows for the consolidation of fragmented, manual ETF systems onto a single accounting and operations platform. The solution will drive scalability through complete automation and superior reporting across the growing array of ETF funds. FundSuite offers full coverage for all physical ETF specifications, within a customizable framework of workflow and exception dashboards, as well as all of the inbound/outbound data connectivity tools and tracking monitors required. FundSuite can be tailored to client specifications and is underpinned by bespoke reporting in multiple formats to speed discrepancy investigation and provide timely responses to changing regulatory requirements and client requests.
Commenting on the new agreement, Maureen Quill, President of UMB Fund Services, said:
“Through Temenos’ Multifonds platform, we can extend our industry-leading reputation for high-quality accounting and administration services, to include ETF servicing capability, with the integration points, processing controls, and comprehensive reporting options our existing and future clients expect. As the ETF market continues to grow, this partnership will keep UMB at the forefront of ETF fund servicing to support current opportunities and meet market requirements for future growth in this segment.”
Oded Weiss, Managing Director of Temenos Multifonds, comments:
“Temenos recently published part one of our Every Fund Survey, which found that 78 percent of the asset management industry believes ETFs will sustain current growth rates. With ETFs breaking through the $5 trillion (US) mark at the beginning of this year, and as ETF’s continue to grow in both popularity and complexity, an increasing number of fund administrators are recognizing and looking to capitalize on this opportunity. To be effective, they must have the operational technology in place to service ETFs quickly, efficiently and accurately, which is exactly what UMB is doing by partnering with Temenos. We are honored and delighted to work with UMB toward their future success in this market.”