Citi has extended its existing contract with technology vendor Temenos to continuing using the Multifonds Global Accounting platform.
The agreement will also help support the growth of Citi’s global fund services business, as well as reduce costs and deliver digital customer experiences.
The Temenos platform provides localised accounting and reporting technology to underpin the management of net asset value (NAV) production for fund administrators.
“We are proud to support Citi’s global fund services business growth. The fund industry is an ever-changing environment, defined by evolving regulatory requirements, expense pressures and sophisticated client demands, said Max Chuard, CEO, Temenos.
“For businesses to thrive in such a landscape, we believe investing in innovative and flexible modern software is key.”
Citi’s securities services business has used the Multifonds platform for its fund administration technology for more than a decade.
Other fund administrators that utilise Temenos technology for their fund administration and transfer agency businesses include Credit Suisse, Northern Trust, and UMB Fund Services.
Earlier this year, Temenos partnered with Bloomberg to provide its buy-side users with an independent third-party fund accounting offering to help meet the rise of ‘shadow’ administration functions.