Canada Life UK goes live with Temenos Multifonds

By Edlyn Cardoza

Temenos, the banking software company, recently announced that Canada Life UK – a subsidiary of Canada Life Group – has gone live with Temenos Multifonds to support its UK investment accounting operations.

Administration of life and pensions funds is highly governed and poses particular challenges in meeting the competing needs of diverse stakeholders with distinct accounting views. Temenos worked with the subsidiary Company to deliver specific functionality for the UK market, including support for UK SORP, UK Tax, Solvency II, and unique company reporting requirements. With this functionality in place, the firm successfully migrated over 800 funds over a single weekend and will administer more than £40 billion of assets on the Temenos platform.

The implementation follows the successful migration of Canada Life’s Canadian business to Temenos Multifonds. It consolidates both books of business totalling $160 billion in assets onto a single, scalable global fund accounting platform. With an open architecture accessible via APIs and built on cloud-native components, Temenos future-proofs the firm’s technology investment and provides a path to future cloud deployment.

Daniel Shaughnessy, Operations and Process Improvement Director of Canada Life UK, commented: “The move to Temenos Multifonds frees us from legacy constraints to accelerate our digital transformation and increase operational efficiency.”

Oded Weiss, Managing Director of Temenos Multifonds, said: “Canada Life UK is a major player in the UK pensions and life market, and we congratulate them on this successful go-live with Temenos Multifonds. Our close collaboration delivered a smooth implementation and a fund administration platform specifically designed for the UK life market. The work we have done with Canada Life UK in developing Temenos Multifonds opens up new opportunities for other life companies in the UK to join our platform.”

Recently, IBS Intelligence reported that Bank of Kigali Plc, Rwanda’s largest bank by assets and market share, had gone live on Temenos.