The bank, whose Lugano office is anticipated to be formally authorised later in 2022, will use Avaloq’s technology to offer tailored banking services to its wealth management clients.
BG Suisse will make Avaloq Core as the foundation of its digital banking platform. Avaloq Core will serve as the bank’s transactional backbone as well as system of record.
This will be done using a Software as a Service (SaaS) model, enabling the bank to quickly ramp up business.
Avaloq will operate key parts of the bank’s back-office operations utilising its Business Process as a Service (BPaaS) solutions.
These solutions can automate back-office functions and support standardisation, with nearly 100% in straight-through-processing (STP) rates for majority of processes.
Avaloq regional head for Switzerland & Liechtenstein Georges Roten said: “Our partnership with BG Suisse is a prime example of how private banks are building on Avaloq’s pioneering technology and services to be able to enhance their digital capabilities.
“Thanks to our tailored solutions for back-office automation, BG Suisse can focus even more on providing its clients with outstanding wealth management services.”
Banca Generali set foot in Switzerland with the takeover of Swiss wealth manager Valuer Fiduciaria in 2019, which was later renamed as BG Valeur.
Meanwhile, earlier this month, RBC Wealth Management expanded its partnership with Avaloq to embark on a transition to the cloud for its Asia wealth management platform.
RBC Wealth Management, which is a unit of Royal Bank of Canada, will also use Avaloq’s SaaS solution.