American technology giant IBM has agreed to jointly develop a private ‘Swiss Banking Cloud’ with Avaloq, a company that provides software to banks and wealth managers.

Both the firms will also work together to upgrade Avaloq’s IT service delivery model utilising IBM’s Infrastructure as a Service (IaaS) offering.

The agreement requires IBM to provide private cloud infrastructure services to Avaloq in Switzerland and access its global cloud resources and capacities.

The Avaloq employees currently working at the data centres in Zurich and Lugano will join IBM in the existing locations.

Avaloq Group CEO Jürg Hunziker said: “As financial institutions look to capitalise on tech-driven changes, there is a continued trend towards services and cloud delivery models.

“This initiative supports our general endeavour to standardise and automate the financial industry and is in line with Avaloq’s vision to enable the financial industry to provide state-of-the-art client experience in a highly efficient and compliant way.

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“We have engaged IBM to help us accelerate the transformation of our IT operating model.”

The association is expected to enable Avaloq to develop and provide new solutions to their prospects and existing SaaS and BPaaS clients.

It will also allow the company to utilise banking expertise to introduce new services that will help the financial entities to operate securely in a cost-effective way.

The new operation model as well as the cloud infrastructure to be provided by IBM will comply with the necessary legal and regulatory directives in Switzerland.

Avaloq CH/FL regional manager Tobias Unger said: “The Swiss Banking Cloud will be ready for on-boarding Avaloq’s new SaaS and BPaaS clients in Switzerland in the second half of 2018.

“The migration of Avaloq’s existing SaaS and BPaaS clients to the new platform is expected to happen in the first half of 2019. Avaloq is working closely with its clients to enable a smooth transition.”