Temenos (SIX: TEMN), the banking software company, today announced that the Temenos Multifonds Global Accounting product has been awarded ‘best in class’ status in Aite Group’s Matrix Evaluation of Investment and Fund Accounting Systems.

Temenos Fund Administration software offers rich functionality, seamless user experience and leverages Explainable AI (XAI) to improve operational efficiency for fund administrators. Amid the COVID-19 pandemic and resulting spike in asset servicing volumes, XAI-powered Temenos Multifonds Global Accounting drives efficiency through robust automated workflows and controls, as well as scalability. This enables clients to deliver on challenging service-level agreements in the face of demand.

The Aite Matrix is a proprietary Aite Group vendor assessment framework. This Impact Report evaluates the overall competitive position of 16 vendors, focusing on vendor stability, client strength, product features, and client services. Temenos was one of only five participating vendors to be awarded ‘best in class’ status.

Temenos Fund Administration supports both middle and back office functions for custodians, fund administrators, traditional asset managers and insurance companies. According to Aite’s report, customers using Temenos Multifonds Global Accounting perceive the strength of the product to be the breadth in the global accounting coverage across regulatory standards. Temenos Multifonds Global Accounting supports funds in over 30 jurisdictions. Clients also recognize the strength of Temenos’ core accounting engine, with calculations able to be rerun with minimal time lag across multiple funds, supporting optimal operational efficiency.

Paul Sinthunont, Senior Analyst, Aite Group, stated: “Temenos Multifonds Global Accounting is a highly flexible and customer-centric product that can be customized to best serve its clients’ needs. The product is well regarded, particularly in Europe and Asia, as a universal solution with broad, global functionality. Temenos Multifonds Global Accounting is a consolidation of the company’s 20 plus years’ of experience delivering investment and fund accounting technology.”

Max Chuard, Chief Executive Officer, Temenos, commented: “It is a privilege to receive this recognition from Aite Group for Temenos Multifonds Global Accounting. We continue to build on our extensive market experience delivering the most technologically advanced and functionally rich fund administration software. £We relentlessly invest 20% of our revenue back into R&D – the highest in the industry – and we continue to do this amid the COVID-19 pandemic to give banks access to class-leading technology at this crucial time. As a result of our commitment to innovation and investment, Temenos can deliver clients unrivalled levels of functionality and operational efficiency to support them at this challenging time through products that incorporate the latest cloud, API-first and Explainable AI-driven technology.”

Temenos has been providing class-leading fund administration software for over 20 years. Temenos Multifonds Global Accounting is used by nine of the top 15 global administrators and services over 30,000 funds at a value of over $7 trillion. Temenos Multifonds Global Accounting is a single, scalable product for fund managers’ key asset servicing, position keeping, valuation and accounting functions. The agile and flexible product allows the consolidation of fragmented legacy systems into a single, global solution that uniquely combines sophisticated workflow and production management techniques to drive enhanced automation and efficiency.