Temenos, a prominent player in the Software as a Service (SaaS) industry, today announced that Credicorp Capital has successfully migrated its operations to the Temenos Multifonds SaaS platform. This shift marks a significant milestone for Credicorp Capital. The move is indicative of the financial conglomerate’s commitment to technological advancements and future-proofing its operational frameworks.
With a robust portfolio that spans Wealth and Asset Management, Capital Markets, and Fiduciary services, Credicorp Capital oversees assets worth $10.7 billion. The new platform presents an opportunity to elevate the company’s back-office management through enhanced stability, flexibility, and digital integration. This strategic move involves the seamless migration of 71 funds from legacy systems, underlining the firm’s objective to modernize and streamline its operations.
Enhanced Efficiency and Flexibility
Transition to Modern Systems
The transition to Temenos Multifonds SaaS signifies more than just an operational update; it underscores Credicorp Capital’s dedication to agility and scalability. The new platform facilitates the efficient handling of large transaction volumes, providing the company with the capacity to scale operations elastically in response to varying business demands. This adaptability is crucial for maintaining a competitive edge in the ever-evolving financial market.
This platform leverages cloud-native infrastructure to reduce complexities and improve automation. Such advancements empower Credicorp Capital to introduce new product lines swiftly and expand service channels, which are essential for staying relevant in a competitive market. According to Axel Pozo Hammar, Chief Technology Officer of Credicorp Capital, this transition aligns perfectly with the firm’s regional ambitions and bolsters its capacity for future growth by allowing the company to maintain its focus on core competencies within asset management.
Scalability and Cost-Effectiveness
Oded Weiss, Managing Director of Multifonds at Temenos, has emphasized that the Multifonds SaaS platform is specially designed to meet the expansive needs of leading financial groups like Credicorp Capital. With a focus on enhancing scalability, efficiency, and agility, the platform supports both traditional and alternative funds. It integrates asset servicing, position-keeping, valuation, and accounting functions into a single, cohesive framework.
The integration of various fund structures and jurisdictions into one platform simplifies operations significantly. This not only reduces the Total Cost of Ownership by including infrastructure upgrades but also minimizes operational risks. The shift enables Credicorp Capital to divert resources previously allocated to system maintenance toward innovation and client services, ensuring that the firm remains at the forefront of industry developments. The holistic approach of Temenos Multifonds SaaS is a step towards simplifying an otherwise complicated financial landscape.
Supporting Future Growth
Strategic Vision and Agility
Credicorp Capital’s migration to the Temenos Multifonds SaaS platform reflects its forward-thinking vision and commitment to maintaining operational agility. In a market characterized by rapid changes and technological disruptions, the ability to adapt swiftly is a significant advantage. By reducing manual intervention and enabling automation, the platform ensures that the company can promptly respond to market opportunities and challenges.
As expressed by Pozo Hammar, this strategic shift not only fortifies the company’s regional footprint but also provides the technological underpinnings necessary for sustainable growth. The Multifonds platform aligns seamlessly with Credicorp Capital’s vision of maintaining agility while enhancing its service offerings. The ability to keep pace with technological advancements ensures that Credicorp Capital can continue to meet the sophisticated needs of its clients.
Comprehensive Asset Management
Oded Weiss, Managing Director of Multifonds at Temenos, highlights that the Multifonds SaaS platform is meticulously crafted to cater to the vast demands of major financial entities like Credicorp Capital. The platform is engineered to bolster scalability, efficiency, and agility, supporting both traditional and alternative funds. It unifies various functions such as asset servicing, position-keeping, valuation, and accounting within a single, integrated framework.
The unification of different fund types and jurisdictions into one cohesive platform streamlines operations considerably. This simplification not only lowers the Total Cost of Ownership by covering infrastructure updates but also reduces operational risks. Credicorp Capital can now redirect resources previously used for system upkeep to areas like innovation and client services. This ensures that the firm stays ahead in the industry. The comprehensive approach of Temenos Multifonds SaaS represents a significant stride towards simplifying an otherwise intricate financial landscape, enabling more focus on growth and innovation.