Tatra banka in Slovakia selects Temenos Multifonds
By Joy Dumasia
Temenos, the banking software company, announced that Tatra banka in Slovakia, part of the Raiffeisen Bank International Group, has selected Temenos Multifonds to transform its fund accounting and investor servicing capability. Supporting 37 funds and over 400,000 investors, Tatra banka provides the in-house administration for €3.8 billion in AUM, 23 per cent of the entire Slovak mutual funds market and 31 per cent of supplementary pension funds (Slovak 3rd pension pillar).
Tatra banka will implement Temenos Multifonds to replace the back-end systems for Tatra Asset Management (TAM), the largest mutual funds manager in Slovakia and its pension funds company (DDS TB). Consolidating multiple systems on a single, cloud-native global platform will increase scalability, efficiency and controls while enabling Tatra banka to accelerate the digitalizing of operations and client interfacing.
Temenos Multifonds will provide the core system for daily net asset value (NAV) calculation and customer account management for TAM and DDS TB and include specific pension fund administration and reporting functionality. The Pension Fund module of Temenos Multifonds will provide Tatra banka with enhanced functionality for employer and employee contributions, pension contracts management, receipt of pension payments, and the ability to manage accounts through maturity.
Tatra banka will have the ability to apply sophisticated and highly automated workflows to increase operational efficiencies and reduce risk. A rich API framework will provide easy integration with other internal and third-party systems to elevate the customer experience with increased transparency and real-time access to data.
Miloslav Mlynar, Member of the Board of Directors, Tatra Asset Management and DDS TB, commented: “Tatra banka’s brand promise is to be the leader in innovations and regularly offer clients new useful products that make their lives easier. Consolidating our technology infrastructure and adopting a modern technology platform can help us with this ambition. We chose to implement Temenos Multifonds as it is a proven, best-in-class, cloud-ready system with the flexibility to meet current and future needs across our asset management and pensions businesses.”
Oded Weiss, Managing Director, Temenos Multifonds, said: “We are proud to welcome Tatra banka to the global Temenos Multifonds community, as one of the first key clients in Central Europe. Tatra banka is a major player in the mutual funds and pensions market in Slovakia. Together, our partnership will bring new and enhanced functionality to their business and the market. With a clear vision for the future, Tatra banka is building on its market strength to lead the way in operational excellence and exceptional customer experience.”
IBSi Daily News Analysis
June 01, 2023
Why are most UK and US insurers using generative AI?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage