Banking Software Developer Temenos Lands Wins in Slovakia and Iraq

Temenos, a Geneva-based banking software solutions provider, has signed Tatra banka in Slovakia and ZainCash in Iraq for its Multifonds and payments platforms, respectively.

Tatra banka, part of the Raiffeisen Bank International Group, will implement Temenos Multifonds to replace the back-end systems for Tatra Asset Management (TAM), the largest mutual funds manager in Slovakia, and its pension funds company (DDS TB).

The bank will consolidate multiple systems on a single, cloud-native platform, the vendor says.

Multifonds will provide the core system for daily net asset value (NAV) calculation and customer account management for TAM and DDS TB and include specific pension fund administration and reporting functionality.

The Pension Fund module of Temenos Multifonds will provide Tatra banka with enhanced functionality for employer and employee contributions, pension contracts management, receipt of pension payments, and the ability to manage accounts through maturity.

Supporting 37 funds and over 400,000 investors, Tatra banka provides the in-house administration for €3.8 billion in assets under management (AUM) –23% of the entire Slovak mutual funds market and 31% of supplementary pension funds.

Elsewhere, an Iraqi digital wallet, ZainCash, has chosen Temenos' software for core processing and payments.

ZainCash's current services include P2P transfers, bill and merchant payments, disbursements, and recharge digital products. It also provides humanitarian support to the United Nations in fund disbursement to refugees and displaced individuals.

It plans to introduce new credit and saving products, international remittance services, and digital onboarding underpinned by the new tech.

​Source: Fintech Future