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Canada Life selects Temenos’ Multifonds Global Accounting platform

Oded Weiss, Managing Director of Temenos Multifonds

Temenos‘ Multifonds Global Accounting platform has been selected by Canada Life, a life, health, and disability insurance provider, in order to achieve the latter’s UK investment accounting opportunities.

Canada Life will be upgrading from its legacy ICON platform, migrating over 700 funds in over 2,000 unique share classes and consolidating the investment assets for the UK and Canadian business onto a single technology solution.

Daniel Shaughnessy, Head of Investment Financial Services at Canada Life, said: “This new partnership with Temenos will allow us to move from our current legacy system and surrounding technologies onto a single, scalable Multifonds platform, with integrated workflow and exception management to significantly increase operational robustness and efficiency. This helps to deliver positive outcomes for our customers in terms of levels of service and product costs.”

According to the supplier, this selection will facilitate the streamlining of Canada life’s systems and is expected to benefit the institution through improved operational efficiency. The supplier states that apart from this, the platform presents other features such as multiple accounting views to simultaneously support UK SORP, UK Tax reporting requirements, integrated accounting and tax ledger for calculating UK capital gains, corporation,  Flexible dual pricing to support enterprise-specific bid/offer pricing methods etc.

Oded Weiss, Managing Director of Temenos Multifonds, comments: “Administration of life and pensions funds pose particular challenges around building a scalable solution that meets the competing needs of a diverse group of stakeholders, requiring distinct accounting views. The work we have done with Canada Life in developing the Multifonds Global Accounting platform has overcome these challenges and opens up new opportunities for other life companies in the UK to join our platform.”

Recently, Great West Life, Canada Life’s parent company, migrated onto Temenos’ Multifonds Global Accounting, thereby paving the way for Canada Life’s migration.

Established in 1847, Canada Life Financial Corporation, is a Canadian company that offers life, health, and disability insurance for groups and individuals. It was acquired by The Great-West Life Assurance Company in 2003.

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