UMB Fund Services revamps ETF systems with Temenos
Temenos will be modernising Wisconsin-based UMB Fund Services’ (UMB) Exchange Traded Funds (ETF) administration capabilities with its Multifonds platform.
UMB is headquartered in Milwaukee and will receive Temenos’ FundSuite technology for a customisable ETF servicing platform.
“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,” says Maureen Quill, president of UMB Fund Services.
Oded Weiss, MD of Temenos Multifonds, adds: “Temenos recently published part one of our Every Fund Survey, which found that 78% 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 recognising and looking to capitalise on this opportunity.”
Temenos says FundSuite allows for “the consolidation of fragmented, manual ETF systems onto a single accounting and operations platform”. The aim of this implementation is to drive scalability through complete automation and superior reporting across ETF.
On the release, the supplier insists on the customisable framework of workflow and the ability of the tech to be tailored to client specifications – we get it, cool it. Temenos also claims the tech is prepared to adapt to changing regulation.
Recently, FinTech Futures reported on The Venture Lab at The American University in Cairo (AUC Venture Lab) and Temenos teaming up to make money and cuddle up to start-ups in Egypt.
Challenger banks in the US seem to dig the supplier. Both Varo Money and Grasshopper Bank in New York have selected T24 as their systems.
