Canada Life UK has gone live with Temenos Multifonds in a move to revamp its digital offering and support its UK investment operations accounting operation.

As a result of the move, the life assurance and pensions firm will now administer more than £40bn of assets on the Temenos fund accounting platform.

Daniel Shaughnessy, Operations and Process Improvement Director of Canada Life UK, said that the move to Temenos Multifonds will free up the company from what it calls from" legacy constraints" to accelerate "digital transformation and increase operational efficiency" at the firm.

Temenos, said in statement earlier today that it has worked with Canada Life UK to deliver specific functionality for the UK market, including support for UK SORP, UK Tax, Solvency II, and unique company reporting requirements.

800 funds

With this functionality in place, the firm successfully migrated over 800 funds over a single weekend and will administer more than £40bn of assets on the Temenos platform.

The implementation follows the successful migration of Canada Life's Canadian business to Temenos Multifonds and consolidates both books of business totaling US$160bn in assets onto a single, scalable global fund accounting platform.

With an open architecture accessible via APIs and built on cloud-native components, Temenos said that it "future-proofs" the firm's technology investment and provides a path to future cloud deployment.

Major player

Oded Weiss, Managing Director of Temenos Multifonds, said: "Canada Life UK is a major player in the UK pensions and life market, and we congratulate them on this successful go-live with Temenos Multifonds.

"Our close collaboration delivered a smooth implementation and a fund administration platform specifically designed for the UK life market."

Weiss is hopeful that the Canada Life UK deal now "opens up new opportunities" for other life companies in the UK to also join the Temenous platform.

Temenos currently provides software to over 3,000 banks across the globe, including 41 of the top 50 banks, that rely on Temenos to process both the daily transactions and client interactions of more than 1.2bn banking customers.