BNP Paribas extends deal with Temenos
Banking software company Temenos is extending its contract with BNP Paribas’ securities services, a subsidiary of the French international banking group.
Agreeing to work together until 2028, the French bank and the Swiss developer have been partners for more than 20 years.
The securities services provider has extended its license for Temenos’ multifonds global accounting and multifonds global investor, which run its localised accounting and reporting that underpin the management of its fund administration operations.
“We are delighted to continue this strategic, long-standing partnership with Temenos,” says BNP Paribas’ securities services’ head of client delivery Alain Pochet. “Its [Temenos’] investment in research and development [R&D] means that we will continue to benefit from cutting-edge, next generation banking software, enabling us to enhance operational efficiency and streamline our operating model to enable us to quickly onboard new jurisdictions and grow our business over time.”
Temenos currently supports $7 trillion in assets and more than 30,000 funds across 30 countries according to its CEO, Max Chard.
Initially, the 20-year partnership saw the Swiss developer help the banking group replace its legacy fund administration architecture in Luxembourg which helped BNP Paribas onboard new countries.
More recently, the banking group completed the just under two-year integration of Temenos’ multifonds global accounting into its securities services’ domestic fund administration business in France, covering 1,300 fund accounts and representing more than 20% of the total French market according to Temenos.