National Bank picks Multifonds for ETF, fund accounting upgrade

National Bank of Canada has chosen Multifonds to implement the Multifonds Global Accounting platform to modernize fund accounting and support growth in its exchange-traded fund business.

Following a detailed evaluation and proof-of-concept, National Bank cited Multifonds’ experience with complex multi-asset funds and its scale-more than 40,000 funds across 35 jurisdictions-as factors in the decision. The bank said the implementation work will be carried out in Canada.

National Bank plans to replace several siloed systems with a centralized platform to improve operational resilience, speed product onboarding and provide consistent services to fund manufacturers and clients.

Multifonds Global Accounting offers real-time processing, exception-driven workflows and more than 350 user-definable controls. National Bank expects the platform to support net asset value (NAV), valuation and distribution cycles, reduce manual touchpoints in valuation processes and improve exception monitoring as volumes rise.

The platform also supports automated data exchange with external providers and integration of inbound capital activity from external portals. National Bank said those features should shorten processing cycles and optimize operational capacity while maintaining oversight through structured workflows.

Nancy Paquet, Executive Vice President, Wealth Management at National Bank of Canada, noted the platform will strengthen operational efficiency and support growth in the bank’s fund and ETF administration activities while optimizing internal processes.

Oded Weiss, CEO of Multifonds, said the company’s architecture can handle the complexity of Canadian fund structures and scale as product volumes increase.