BHF-BANK has chosen Avaloq to renew its core banking solution within an extensive IT modernisation program. BHF-BANK chose an Application Service Providing (ASP) model: The software installation will be managed by Avaloq Sourcing (Deutschland) AG, the full service business process outsourcing subsidiary of the Avaloq group in Germany. Avaloq Sourcing, a joint venture with quirin bank AG founded a year ago, currently provides services to five private banks in Germany which it took over from quirin bank's back office services division. These banks are presently being migrated to the German version of the Avaloq Banking Suite.

The bank took the decision due to Avaloq's profound experience. BHF-BANK will base its solution on the Avaloq Banking Standards, the practice-proven customisation for the Avaloq Banking Suite. Another crucial aspect in favour of the Avaloq Banking Suite was the open architecture of the solution, which allows BHF-BANK to freely integrate with other specialised software components.

The implementation partner of Avaloq will be GFT, a global specialist for IT consulting and application services with a strong focus on the financial services industry. Headquartered in Stuttgart, Germany, GFT has long experience in the Avaloq business, especially through its Swiss subsidiary with its Avaloq Competence Centre.

Frank Behrends, Member of the Executive Board at BHF-BANK, comments the decision: "With the selection of a new core banking system, we are finalizing our strategic realignment programme. After outsourcing our IT operations and securities processing, the decision for the Avaloq Banking Suite puts our bank on a modern, business-oriented platform. Cost management, efficiency and innovation are essential for a strong and competitive bank. Avaloq has a proven global track record and a future oriented solutions portfolio."

"We are excited that BHF-BANK has selected our solution and is moving into an ASP model. BHF-BANK is our sixth customer in Germany and the first beyond the customer group around quirin. BHF-BANK has very thoroughly assessed our capabilities as a banking software solution for its renewed business model, and in particular our ability to serve the German-specific aspects. With the Avaloq Banking Suite, BHF-BANK can leverage the experience of 20 years and more than 100 customers in the Private and Retail Banking area. We are honoured that they fully trust our solution to deliver the business impact", comments Ulrich Voss, General Manager Central & Eastern Europe at Avaloq. "We are proud to help shaping BHF-BANK's future business with our solution", Voss continues.

Marika Lulay, Chief Operating Officer of the GFT Group, comments: "Our Swiss and German Avaloq onshore experts will forcefully drive the implementation at BHF-BANK. They will be supported by our Spanish Avaloq near shore centre, which will now be enlarged."