Curo Picks Temenos For Accounting Platform

South Africa’s largest third-party fund administrator Curo has selected the accounting platform supplied by Temenos to migrate over 3,000 funds from five legacy systems.

“I think where we have been able to differentiate ourselves from the other competitors is [with the] Temenos Multifonds architecture and the tools and the ability to deliver the projects,” says Oded Weiss, managing director at Temenos Multifonds. “It is a great project.”   

The migration of the funds is expected to be complete by the end of 2020. Temenos has over 50 clients on its accounting platform that include the likes of HSBC, Standard Chartered and Credit Suisse. Temenos’ Multifonds Global Accounting platform is based on Oracle technology. 

Temenos went through a competitive bid process to secure the deal which took over one year. “I went to Cape Town 10 times in the last year because I find it inspiring,” says Weiss. “We like to have this conversation with the CEO that is saying ‘help me transform my business.’ This is something strategic.” Temenos was able to demonstrate support for requirements specific to the South African market such as tax reporting, regulatory requirements, and complex life and pensions portfolios structures. 

Curo was not able to provide comment in time for publication.