Avaloq is on course for more growth. After VP Bank had successfully rolled out the Avaloq Banking System in Singapore in mid-2008, the offices in Zurich, Liechtenstein and the British Virgin Islands were added to the network on January 5, 2009.
Besides VP Bank, the LGT Group, Raiffeisen Switzerland, Bank Vontobel and LBBW Luxemburg also went live with the Avaloq software at the same time.
Following the successful implementation of the Avaloq banking software with VP Bank's corporate subsidiary in Singapore in mid-2008, the head office in Liechtenstein together with the offices in Zurich and the British Virgin Islands are now following suit. Prior to the successful implementation at VP Bank in Singapore, the Avaloq Banking System had already been successfully rolled out at RBS Coutts and Barclays, where the traditional in-house banking systems were replaced by the core banking system from Switzerland.
The VP Bank Group's international growth strategy relies upon new offices being hooked up quickly. Avaloq developed the innovative entity concept for the VP Bank Group in order to meet the strategic requirements and to be equipped for the future. A services centre means that the connected entities worldwide are supplied with all additional services from a central location. This will make it easier to connect further offices in the future. A new entity can be easily integrated into the VP Bank Group without time- and cost-intensive process and data modifications. Protection for clients' privacy and personal data is guaranteed at all times, as the data identifying the client is only every stored on site locally. This concept is unique in the Avaloq system landscape at the present time.
Avaloq CEO Francisco Fernandez: "Avaloq has done a great job for VP Bank in Singapore. Following the successful pilot project over there, VP Bank is now extending the use of Avaloq to its offices in Switzerland, Liechtenstein and the British Virgin Islands. Besides VP Bank, the LGT Group, Raiffeisen Switzerland, Bank Vontobel and LBBW Luxemburg have also gone live with the Avaloq software. These implementations show how Avaloq has reached an important milestone in its internationalisation strategy."
The LGT Group is also deploying the core banking system from Avaloq on an international scale. The system is up and running throughout the corporate group in Liechtenstein and Switzerland. Germany and Singapore will switch over to Avaloq later in the year.
The projects each ran for between twelve and eighteen months. All the projects could be completed successfully and on time. The simultaneous implementation of the Avaloq Banking System by the five banks listed has added more than 3,800 extra users to the specialist platform of the Avaloq Community worldwide since January 5, which represents growth of 10 percent.