Switzerland-based Raiffeisen Group has partnered with Avaloq to establish a new technology company for the implementation and operation of Raiffeisen’s retail banking platform.
Raiffeisen will be the major shareholder in the new company.
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Using the capabilities of the proposed technology company, Raiffeisen aims to streamline and further synchronise its IT platform by boosting integration of Avaloq technologies.
Raiffeisen will replace its previous front-end system in 2017 and migrate securities processing to a new Avaloq based banking software, due to evolving technological environment and the advanced diversification.
Raiffeisen will change the existing front-end systems for clients and client advisors and transfer them to a new IT platform based on Avaloq.
Raiffeisen Group executive board chair Pierin Vincenz said: "We are delighted to have found an outstanding partner in the Avaloq group that will offer us an integrated overall IT solution."
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By GlobalData"The joint technology company will enable us to optimally meet the technological requirements of the financial centre, allowing Raiffeisen to further expand its position as a leading Swiss retail bank."
Avaloq group CEO Francisco Fernandez commented: "I am very much looking forward to helping to shape the future experience of Raiffeisen Group clients through our combined forces and based on the Avaloq Banking Suite.
"This will enable the Raiffeisen Group to continue to propel the Swiss market."
