IBS Journal February 2016


Avaloq’s BPO Centre migrates five banks to Avaloq Banking Suite, one year later than planned


Avaloq’s business process outsourcing (BPO) centre in Germany, Avaloq Sourcing, has simultaneously migrated five banks to its banking suite, one year later than origi- nally planned. Julius Bär Europa, Tradegate Wertpapi-


erhandelsbank, Bank Vontobel Europe, V-Bank and Quirin Bank, including their European offices, were all moved to Avaloq Banking Suite as of 31st December 2015. Klaus Rausch, general manager Central


& Eastern Europe at Avaloq, says the migra- tion of ‘five banks with different business models and offerings was a complex and ambitious project’. All five banks moved from the lega-


cy Itrexis core system, supplied by a small local vendor, Höll Computer and Software,


acquired by Avaloq in late 2012. Speaking to IBS Journal in March 2013,


Avaloq was hoping to complete the pro- cess of moving the users to the Avaloq core by the end of 2014.


Heart and ‘sole’ Avaloq initially joined forces with Ber- lin-based Quirin Bank in early 2013, to offer Avaloq Banking Suite on an outsourced basis. The two companies set up a joint venture, Avaloq Sourcing. The main activities of Avaloq Sourc-


ing, alongside securities settlement and payment handling on the Avaloq Banking Suite, ‘entailed the provision of a complete business platform for private banks’. The agreement also included taking


over the existing outsourcing activities of Quirin Bank that it was providing to Bank Julius Bär Europa, Tradegate Wertpapi- erhandelsbank, Bank Vontobel Europe and V-Bank. Recently, Avaloq has taken over the


venture as its sole owner. Francisco Fernandez, CEO of Avaloq,


stated that the takeover ‘reaffirmed Avaloq’s commitment in Germany’. He added that its core banking plat-


form, Avaloq Banking Suite, is used to process $3,900 billion ‘every single day’, of which $280 billion is already handled by its BPO centres across the world. The network of BPO centres is known as Avaloq Bank- ing Sky.


Antony Peyton


Co-op Money NZ opts for Oracle FSS’s Flexcube core banking system


Co-op Money NZ, the trading name for the New Zealand Association of Credit Unions, which represents co-operatively owned credit unions and mutual building socie- ties, has chosen the Flexcube core banking system from Oracle FSS. Henry Lynch, CEO of Co-op Money NZ,


says Flexcube will replace its legacy core banking system and it ‘will become the one-stop solution for all information across members that will use the system’. Lynch says: ‘The Oracle solution was


chosen by a majority of our credit union members after an in-depth consultative process that had us discussing its relative benefits and advantages. We are focused on becoming increasingly agile, responsive to member needs and resilient to change, and Flexcube ticked all those boxes for us.’ Deployment of Flexcube will start in


early 2016. Co-op Money NZ provides representa-


tion and advocacy for its members to gov- ernment, regulatory bodies, media and consumer groups. Its members employ over 550 staff,


represent approximately 200,000 members,


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with more than 95 branches, assets of over $1.5 billion and collectively are the sixth largest financial transactor by volume in New Zealand.


New in New Zealand In early 2015, the Reserve Bank of New Zea- land (RBNZ) unveiled its plans to modernise the country’s national payments infrastruc- ture. RBNZ went to market to find a new real-time gross settlement (RTGS) system to replace the bank’s legacy technology. In addition, RBNZ intends to divest the


operation of the country’s securities settle- ment platform, known as NZ Clear, to the private sector. Meanwhile, Kiwibank committed to a


multi-year, multi-million dollar core bank- ing system project in late 2013/early 2014. The new system is supplied by SAP. It cov- ers deposits, loans and payments. Kiwibank is also looking to go digital


to cut costs and potentially reduce its high- street presence. The bank currently oper- ates at a 60% cost-to-income ratio, mainly due to its large network of ‘brick and mor- tar’ branches.


© Takuta/Edward Hyde, Wikimedia Another major digital banking project


underway in New Zealand (and Austral- ia) is at ANZ. The bank is rolling out SAP’s Omnichannel Digital Platform offering (the product stems from Sybase 360). The pro- ject has been in the making for a number of years. It has also recently launched a new


internet banking website, but the launch did not go smoothly: ANZ’s online banking went down for six hours. The glitch, howev- er, was not related to the SAP project. Antony Peyton


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