Canada Life has selected banking software company Temenos’ Multifonds Global Accounting platform to support its UK investment accounting operations.
Under this new agreement, Canada Life will upgrade from its legacy ICON platform migrating over 700 funds in over 2,000 unique share classes and consolidate the investment assets for the UK and Canadian business onto a single technology solution.
The selection of Multifonds Global Accounting allows Canada Life to streamline its systems and benefit from enhanced functionality to improve operational efficiency. In addition, Multifonds Global Accounting offers specific features and benefits for the UK life market, including: multiple accounting views to simultaneously support UK SORP, UK Tax, Solvency II and Canadian LifeCo reporting requirements; integrated accounting and tax ledger for calculating UK capital gains, corporation, loan relationship taxes for unit-linked Life Funds; flexible dual pricing to support enterprise specific bid/offer pricing methods; and automated exception-based workflow to manage investment accounting operations and hierarchical dependencies within unit-linked product structures.
Daniel Shaughnessy, Head of Investment Financial Services at Canada Life, said: “This new partnership with Temenos will allow us to move from our current legacy system and surrounding technologies onto a single, scalable Multifonds platform, with integrated workflow and exception management to significantly increase operational robustness and efficiency. This helps to deliver positive outcomes for our customers in terms of levels of service and product costs.”
Oded Weiss (pictured), Managing Director of Temenos Multifonds, comments: “Administration of life and pensions funds pose particular challenges around building a scalable solution that meets the competing needs of a diverse group of stakeholders, requiring distinct accounting views. The work we have done with Canada Life in developing the Multifonds Global Accounting platform has overcome these challenges and opens up new opportunities for other life companies in the UK to join our platform.”