BancaStato is the first cantonal bank in Switzerland that chose Avaloq's front office banking suite. For Avaloq, it is the 7th contract signature for the Avaloq Front Suite in the past 15 months. BancaStato will become the first bank to use the Avaloq Front Suite in an outsourcing model operated by B-Source, Avaloq's Business Process Outsourcing (BPO) subsidiary in Switzerland.

Avaloq and BancaStato have signed contracts for the banking solution provider's Avaloq Front Suite. The solution is a user-friendly self-service offering for bank clients and comprises a broad spectrum of services including payments, trading facilities and online reporting. It also provides a convenient and secure communication channel between the clients and the bank. The Avaloq Front Suite supports multiple devices such as smartphones, tablets and web browsers and is seamlessly integrated in the Avaloq Banking System.

Already in November 2012 BancaStato chose to migrate to the B-Source Master, the Business Process Outsourcing solution provided by Avaloq's BPO subsidiary B-Source. In addition to the full BPO solution, BancaStato will now also implement the Avaloq Front Suite, which will be run on the B-Source Master. The Avaloq Front Suite will replace BancaStato's existing e-banking solution. The going live is scheduled for the first half of 2014.

"The conditions of the financial market call for a concentration of our resources so we can further improve our customer service. By renewing and improving our front services with Avaloq's solution, we offer our clients a state-of-the-art online banking experience. Thanks to the multi-level security concept offered by Avaloq, we can also ensure the highest level of data security", explains Bernardino Bulla, CEO of BancaStato.

Francisco Fernandez, CEO Avaloq, comments: "BancaStato is a highly innovative bank always looking for ways to improve. After it was the first cantonal bank to opt for a full BPO solution, BancaStato has also become the first cantonal bank that will implement our Avaloq Front Suite. By making use of a technologically innovative and fit for the future solution, BancaStato will significantly improve its client service. We are convinced that we will soon be able to welcome other retail banks as Avaloq Front Suite customers too."