Credicorp Capital launches on Temenos Multifonds SaaS: A major leap in financial management

Credicorp Capital, part of one of Latin America’s largest financial conglomerates, now operates on Temenos Multifonds delivered as a Software-as-a-Service (SaaS). This strategic move is set to revolutionise the company’s fund management capabilities across various countries, offering enhanced stability and operational agility.

In a significant development, Temenos (SIX: TEMN) has announced that Credicorp Capital has successfully transitioned to its Multifonds platform on a SaaS model. As a key player within Credicorp Ltd., one of Latin America’s foremost financial groups, Credicorp Capital’s adoption of this technology marks a notable upgrade from its previous legacy systems. With subsidiaries spanning insurance, pension funds, microfinance, and banking, including Banco de Crédito del Perú (BCP), Credicorp Ltd. represents a major financial force in the region.

Enhanced Fund Management and Operational Efficiency

The migration to Temenos Multifonds Global Accounting and Global Investor Servicing has enabled Credicorp Capital to manage 71 funds more effectively. The SaaS platform consolidates all back-office operations related to investors and funds into a single instance, enhancing stability and streamlining processes across multiple countries. This advancement positions Credicorp Capital to handle larger transaction volumes with increased flexibility, making it easier to integrate with its existing digital channels.

The shift to Temenos Multifonds is expected to provide Credicorp Capital with substantial benefits, including greater agility and reduced complexity. The platform’s automation features and simpler integration will facilitate the introduction of new product lines and the expansion of service channels. This transformation is crucial for maintaining a competitive edge in the evolving financial market.

Strategic Benefits and Future Growth

Temenos Multifonds on SaaS offers Credicorp Capital an elastic scaling capability, allowing the company to adapt to changing business demands efficiently. The cost-effective and sustainable nature of this solution will lower the Total Cost of Ownership, as infrastructure upgrades are part of the service. This enables Credicorp Capital to concentrate on its core business activities while maintaining a robust and adaptable IT environment.

Axel Pozo Hammar, Chief Technology Officer at Credicorp Capital, expressed enthusiasm about the transition, stating that the move aligns with the company’s regional vision and sets the stage for future growth. He highlighted the importance of remaining agile and focused on core asset management competencies.

Oded Weiss, Managing Director – Multifonds at Temenos, echoed the sentiment, praising Credicorp Capital for recognising the advantages of the Multifonds SaaS platform. He noted that this implementation enhances agility, efficiency, and scalability in fund administration for one of Latin America’s major financial groups.

Comprehensive Asset Management on a Unified Platform

Temenos Multifonds supports both traditional and alternative funds on a single platform, integrating essential asset servicing, position keeping, valuation, and accounting functions. This comprehensive approach ensures that all structures of pooled vehicles and funds, across various jurisdictions, are managed seamlessly.

In summary, Credicorp Capital’s deployment of Temenos Multifonds on SaaS marks a significant advancement in its fund management operations. The new platform promises to deliver improved stability, flexibility, and efficiency, positioning the company for continued success in the competitive financial landscape.