UK-based Validata has announced the extension of its long-standing partnership with Switzerland-based Temenos . The extension involves integrating Validata's technology with Temenos' core banking system to offer enhanced solutions for cash and nostro reconciliation, payments investigations, and case management for banks and Electronic Money Institutions (EMIs).

According to the official press release, banks and EMIs face challenges in conducting timely and accurate internal and external reconciliations across different currencies to manage liquidity, mitigate risks, comply with regulations, and ensure secure client payments. Validata's ConnectIQ platform, described as a cloud-native, no-code data enablement platform, offers capabilities for smart migrations, synthetic test data generation, AI-powered test automation, continuous reconciliations, and data integration with various systems. ConnectIQ supports cash and payments reconciliation, nostro reconciliation, and the ISO 20022 standard across different payment frameworks.

The integration between Validata and Temenos' core banking platform aims to streamline trade matching, position, and nostro reconciliations, as well as intersystem reconciliation between Temenos Core and Temenos Wealth. Offered as a Software as a Service (SaaS) managed service on Microsoft Azure, Validata's ConnectIQ platform aims to provide a cost-effective alternative to legacy systems or manual processes. It helps financial institutions manage increasing transaction volumes without significantly expanding operations teams, thereby enhancing operational efficiency, accuracy, and transparency in data feeds.

Officials from Temenos expressed excitement about the collaboration, emphasising Validata's role in providing value-added solutions to their platform. Representatives from Validata highlighted the importance of speed, accuracy, and transparency in today's payments landscape, highlighting the role of AI in accelerating reconciliations, reducing costs, and increasing efficiencies. They also underscored Validata's commitment to offering innovative solutions to facilitate financial institutions' adaptation to the ISO 20022 standard.

Other developments from Temenos In May 2024, Temenos announced that Multifonds has extended its relationship with Citi Securities Services. Specifically, Temenos disclosed an extension of its collaboration with Citi Securities Services, wherein Multifonds, a Temenos solution, was employed to amalgamate Citi's present regional fund accounting operations into a global operational framework, delivered through Software as a Service (SaaS). In essence, Citi Securities Services, known for its comprehensive services to asset managers worldwide, integrated Multifonds into its existing investment accounting platform to facilitate end-to-end services.

This strategic shift towards a global operating model for Citi's global fund services business, transitioning from an on-premise system to Multifonds SaaS, facilitated streamlined management of business operations across diverse geographies and asset classes on a unified platform. Notably, this transition enabled Citi Securities Services to provide fund accounting services across all time zones earlier in the day. .