The Avaloq Group, the Swiss market leader for standard banking software, has achieved another important milestone: at the beginning of January 2010, five banks simultaneously started using the Avaloq Banking System.
With the successful implementation of the core banking system at NBAD Private Bank (Suisse) SA, NZB Neue Zürcher Bank, Baloise Bank SoBa, Bank Linth LLB AG and the Liechtenstein LGT Group, which will now also use the banking software in Germany and Singapore, Avaloq has again proven that the company has sufficient resources and expertise to successfully carry out several complex projects at the same time. This is not the first time Avaloq has enjoyed such success - one year ago, five banks, some of them internationally active, also went live with the Avaloq Banking System at the same time.
Francisco Fernandez, CEO of Avaloq Evolution AG, said: "We are thrilled that we have once again been able to successfully implement the Avaloq Banking System at five different banks simultaneously. This provides impressive confirmation that the success of last year was not a one-off. We are particularly pleased that the LGT Group is now using our banking software, the first bank in Germany to do so. This has allowed the LGT Group to achieve a competitive advantage in the German banking industry. For Avaloq, this represents a breakthrough in this attractive market. Furthermore, we are delighted that thanks to our close cooperation with B-Source we are now also able to implement the Avaloq Banking System at smaller banks".
LGT Group Becomes the First Bank in Germany to Use the Avaloq Banking System
Following the implementation of the Avaloq Banking System by the international wealth and asset management group LGT in Liechtenstein and Switzerland one year ago, its German and Singaporean branches are now following suit. Francisco Fernandez commented: "Many of our customers in Switzerland are responding to the political pressure with an expansive onshore banking strategy. Avaloq also provides its customers with the top software solution, which they are accustomed to in the demanding Swiss market, in their target markets, meaning they can conduct "Swiss banking" in Germany, the United Kingdom, Luxembourg, Eastern Europe, Asia and other growth markets. Our "hub and spoke" architecture enables banks to use the same integrated solution in several countries, jurisdictions and time zones and to leverage large synergies and create transparency.
Expanding Our Position as Market Leader in Switzerland
The implementation of the Avaloq Banking System at these other banks in Switzerland also strengthens Avaloq's position as the Swiss market leader for standard banking software. Baloise Bank SoBa and Bank Linth LLB AG have been using Avaloq's banking software since the beginning of January. The parent company of LLB Group in Vaduz and LLB (Switzerland) will follow their lead at the start of 2011.
Focus on Smaller Banks Thanks to Partnership with B-Source
After just nine months, the Avaloq Banking System was also successfully implemented at NBAD Private Bank (Suisse) SA and NZB Neue Zürcher at the start of the year - as a service offered by B-Source. B-Source provides its services on the basis of this system. This is made possible thanks to the comprehensive B-Source Master Model Bank, which was developed with the support of its partners Avaloq and Orbium. This means that the Avaloq Banking system can now also be offered to smaller banks.