IBS Journal October 2015
Avaloq becomes the heart and ‘sole’ of its German BPO centre
Avaloq has acquired Quirin Bank’s minority interest in Germany-based Av- aloq Sourcing. The deal means Avaloq is now the sole owner of the business process outsourcing (BPO) centre. CEO Fernandez says: ‘With the com-
plete takeover of the BPO centre, which already manages almost €30 billion of assets of the customer banks, we reaf- firm our commitment in Germany.’ He adds that its core banking plat-
form, Avaloq Banking Suite, is used to process $3.9 trillion ‘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 Banking Sky. Avaloq says that from its Avaloq
Sourcing offices in Berlin and Leipzig, the company will act as a completely independent BPO provider for the financial industry in Germany.
It acquired the BPO activities previ-
ously operated by Quirin at the begin- ning of 2013. The main activities, alongside secu-
rities settlement and payment handling on the Avaloq Banking Suite, ‘entailed the provision of a complete business platform for private banks’. The 2013 agreement includ-
ed transferring the handling services served to Quirin’s clients; Bank Julius Bär Europa, Tradegate Wertpapierhan- delsbank, Bank Vontobel Europe and V-Bank; to the incorporated company operating under German law. Following the completion of the
transaction, Avaloq says Quirin is ‘set to remain the banking partner and a cus- tomer’ of Avaloq Sourcing. The bank is migrating from the leg-
acy Itrexis core system, supplied by a small local vendor, Höll Computer and
Software. The vendor was acquired by Avaloq in late 2012 and its custom- ers were set to migrate to the Avaloq’s hosted core offering. Höll Computer and Software now resides under the Avaloq umbrella as Avaloq Software Germany. Speaking to IBS Journal in March
2013, Avaloq was hoping to complete the process of moving the users to the Avaloq core by the end of 2014. It would seem that the project is some- what behind schedule. Karl Matthäus Schmidt, chairman
of the executive board of Quirin, says: ‘We’re entering the final phase of migration to the Avaloq Banking Suite, in both our cases and that of the other customers; independence for Avaloq Sourcing is the next logical step.’
Antony Peyton
...continued from previous page Inside Paradeplatz’s report goes on to
add that a number of Avaloq’s clients have been complaining about implementation delays. Avaloq brands this as speculative talk and false. It says: ‘We are proud of our success rate: in 100 per cent of the cases.’ The vendor points to its recent success-
ful go-lives at BIL Suisse and SwissLife Banque Privée (SLBP) in France. A UK customer, Canaccord Genuity Wealth Management (CGWM) is also making good progress. Meanwhile, more new customers have
been onboarded, namely China Citic Bank International, based in Hong Kong, and Crestone in Australia, the wealth manage- ment arm of UBS Australia, which is being spun off from its parent. The latter is the second deal for the
vendor in Australia, following a similar pro- ject with Westpac and its investment man- agement subsidiary, BT Financial Group. Antony Peyton
© IBS Intelligence 2015
www.ibsintelligence.com 11
Francisco Fernandez, Avaloq
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