Canada Life Group launches Temenos Multifonds

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Temenos, the banking software company, today announced that Canada Life UK – a subsidiary of the Canada Life Group – has commissioned Temenos Multifund to support its UK investment accounting operations.

The administration of life insurance funds and pension funds is highly governed and poses particular challenges in meeting the competing needs of various stakeholders with distinct accounting viewpoints. Temenos has worked with Canada Life UK to deliver specific functionality to the UK market, including support for UK SORP, UK Taxation, Solvency II and unique business reporting requirements. With this functionality in place, the firm managed to migrate over 800 funds in a single weekend and will administer over £40 billion in assets on the Temenos platform.

The implementation follows the successful migration of Canada Life’s Canadian operations to Temenos Multifunds and consolidates both books of business totaling $160 billion in assets onto a single, scalable global fund accounting platform. With an open architecture accessible through APIs and built on cloud-native components, Temenos future-proofs the company’s technology investment and paves the way for future cloud deployment.

Daniel Shaughnessy, Director of Operations and Process Improvement, Canada Life UK, said: “The transition to Temenos Multifonds frees us from legacy constraints to accelerate our digital transformation and increase operational efficiency.

Oded Weiss, Managing Director of Temenos Multifonds, said: “Canada Life UK is a major player in the UK pensions and life insurance market, and we congratulate them on this successful go-live with Temenos Multifonds. . Our close collaboration has resulted in a smooth implementation and a fund administration platform specifically designed for the UK life insurance market. The work we have done with Canada Life UK in the development of Temenos Multifonds opens up new opportunities for other UK life companies to join our platform.

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