BHF-BANK, a German private bank, has selected Avaloq Banking Suite to renew its core banking solution within an extensive IT modernisation program.
Under the agreement, BHF-BANK has implemented a application service providing (ASP) model that will be managed by Avaloq Sourcing (Deutschland) AG, a subsidiary of the Avaloq group in Germany.
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Avaloq Sourcing, which is a joint venture with quirin bank AG, now provides services to five private banks in Germany.
Supported by GFT, a a global provider for IT consulting and application service, the implementation is scheduled to go live in 2016.
The open architecture of the banking solution will enable BHF-BANKto freely integrate with other specialised software components.
Additionally, BHF-BANK will base its solution on the Avaloq Banking Standards, the practice-proven customisation for the Avaloq Banking Suite.
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By GlobalDataFrank Behrends, member of the executive board at BHF-BANK, said: "After outsourcing our IT operations and securities processing, the decision for the Avaloq Banking Suite puts our bank on a modern, business-oriented platform. Cost management, efficiency and innovation are essential for a strong and competitive bank."
Ulrich Voss, general manager Central & Eastern Europe at Avaloq said: "We are excited that BHF-BANK has selected our solution and is moving into an ASP model. With the Avaloq Banking Suite, BHF-BANK can leverage the experience of 20 years and more than 100 customers in the Private and Retail Banking area. We are honoured that they fully trust our solution to deliver the business impact."
Marika Lulay, COO of the GFT Group, said: "Our Swiss and German Avaloq onshore experts will forcefully drive the implementation at BHF-BANK. They will be supported by our Spanish Avaloq near shore centre, which will now be enlarged."
