American asset manager Northern Trust has signed a multi-year contract extension with Swiss banking software provider Temenos to enhance its transfer agency technology.

The asset manager will leverage the Temenos Multifonds Global Investor platform to transfer funds procured through the acquisition of UBS Asset Management’s fund servicing units in Luxembourg.

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The vendor said that the usage of its platform will enable Northern Trust to bring its satellite functions into the core engine, facilitating operations in different areas such as retrocessions processing, market integration with National Securities Clearing Corporation (NSCC) and regulatory reporting with the CRS/FACTA module.

Northern Trust head of global fund services international Toby Glaysher said: “Temenos’ capacity to deliver a modern and open platform through Application Programme Interfaces (APIs) reduces our time to market for new services enhancing client service.

“The Temenos Multifonds Global Investor platform will scale to support a significant increase in volumes and we look forward to our continued collaboration with Temenos Multifonds.”

Temenos Multifonds managing director Oded Weiss added: “Third-party administrators are increasingly recognising both the need and urgency to digitally transform their businesses, to become more efficient, more competitive and increase scale.

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“We are proud to be an important part of Northern Trust’s strategic transfer agency programme. To support them in their move away from legacy platforms to Temenos Global Investor to help them achieve their growth ambitions.”