South Africa’s Curo Fund Services goes live on Temenos

By Pavithra R

Temenos, the banking software company, has announced that Curo Fund Services, South Africa’s largest third-party administrator, has gone live with Temenos Multifonds Global Accounting platform.

This step completes the first phase migration of funds from its five legacy systems to a single instance of Temenos’ funds administration platform. The move to Temenos’ platform has transformed Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.

“We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients. With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions. We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry this gives Curo and our clients a competitive edge,” said Barri Maggott, Chief Executive Officer, Curo Fund Services.

With Temenos’ platform, Curo will deliver a seamless back-office service with an increased degree of automation and straight-through processing. This reduces risk and cost by minimizing human processing and enables Curo to deliver a best-in-class service to clients with automated information flows between the administrator and asset managers.

“We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform,” said Oded Weiss, Managing Director, Temenos.

Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. It employs 300 people and services 3,000 funds with assets under administration of more than $150 bn. Its clients include Sanlam and Old Mutual, South Africa’s largest asset managers. Having completed a first phase migration of funds, Curo plans to transition all 3,000 funds to the Temenos platform during 2021.