Bank Vontobel switches securities processing to Avaloq
11 October 2006 | 2529 views | 0
Since the beginning of last week, Bank Vontobel is processing securities transactions for Raiffeisen Switzerland via the Avaloq Banking System.
The system is able to handle very large volumes with considerable speed and provides a high degree of automation.
Bank Vontobel has chosen Avaloq's standard software for its securities transaction insourcing; since the beginning of October it is processing securites transactions for Raiffeisen Switzerland with the Avaloq Banking System. The asset manager at Bank Vontobel can now administer custody accounts and securities holdings for non-Vontobel clients (an activity known as client custody) without infringing bank-client confidentiality.
The clients, in turn, profit from Bank Vontobel's specialist know-how in securities trading as well as from lower costs.
Peter Gubler, the Vontobel Group's Head of Operations, summarizes the benefits as follows: "The integrated securities module allows Bank Vontobel to generate positive scale effects such as additional transactions, lower unit costs and a higher straight-through processing rate."
The outsourcing of business processes to external firms is steadily gaining importance in the Swiss banking industry.
"Following on from Zürcher Kantonalbank's successful migration to our securities module at the start of 2006, this is further evidence that the module is ideally suited to transaction banks," says Avaloq CEO Francisco Fernandez.
Comit, which has many years' experience with the Avaloq Banking System, was responsible for the implementation of the software at Bank Vontobel.