Avaloq, the leading global provider of software as a service (SaaS) and business process as a service (BPaaS) solutions to banks and wealth managers, has upgraded its open software architecture.
The key components of Avaloq’s new software architecture are self-contained systems that banks and wealth managers can easily adopt individually. Avaloq’s clients will benefit from greater business agility and scalability, improved time-to-market and lower risk.
The upgrade to Avaloq’s open software architecture allows financial institutions to consolidate IT operations onto a single platform. This will enable Avaloq’s clients to build, deploy and manage Avaloq and third-party applications, such as output management systems, more consistently across internal infrastructures.
Avaloq is collaborating with Red Hat, the world’s leading provider of open source solutions, to simplify and further standardize the deployment and operation of software components by means of Red Hat’s Kubernetes1 application platform Red Hat OpenShift. Red Hat OpenShift is the industry’s most comprehensive enterprise Kubernetes platform to run cloud-native apps. The collaboration with Red Hat reflects Avaloq’s commitment to promoting cloud-based processes and providing market-leading solutions to its clients.
The key components of Avaloq’s open software architecture are self-contained systems and microservices2 deployed as Docker3 containers, orchestrated by Kubernetes. Each self-contained system is designed to handle a single business aspect, such as goal-based wealth management. Avaloq’s modular approach means that financial institutions can adopt and upgrade individual self-contained systems as well as microservices independently and focus their efforts on the product and service areas that can deliver the most value and business growth. Red Hat OpenShift Container Platform, based on Kubernetes, is already operational. Avaloq and Red Hat plan to facilitate the transition from existing platforms to OpenShift and provide training and consulting on the benefits of this new platform.
Thomas Beck, Group Chief Technology Officer at Avaloq, comments: “This upgrade to our architecture strategy is a transformational moment in the evolution of Avaloq’s software, allowing clients to better capitalise on the significant digital trends shaping the financial sector. The collaboration with Red Hat provides clients with world-class solutions to meet the growing demands of their own global clients, allowing for much easier integration and implementation of new applications, processes and services while providing consistent worldwide support.”
Leonard Bodmer, Red Hat Switzerland country manager comments: “We are pleased to collaborate with Avaloq to bring Red Hat OpenShift to its clients, offering them the leading enterprise Kubernetes cloud platform. Red Hat and Avaloq have benefitted from a long-standing relationship and we are delighted with this latest expansion of this successful collaboration.”
1 Kubernetes is an open source system for automating deployment, scaling and management of containerized applications (https://kubernetes.io/).
2 Microservices are independently deployable application components.
3 Docker is an open source tool designed to containerize applications and thus make it easier to create, deploy and run them.