Management consultancy, Synpulse, has successfully implemented the Avaloq Core Platform at Vienna-based A1 Bank (formerly paybox Bank).
A1 Bank is wholly owned by A1 Group, the CEE-based telecom provider. Since its formation in 2000, the bank has focused on innovative mobile commerce solutions. Specifically, it was one of the first banks to launch a comprehensive commercial near-field communication (NFC) offering.
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Synpulse’s fastest ever implementation of the Avaloq core platform
The bank has deployed on the cloud in a software as a service (SaaS) model. It also leverages Synpulse’s proprietary integration layer and open-source components. Synpulse says its Plug & Bank service gives A1 Bank the flexibility to expand into any business area as a licensed online bank.
With the Avaloq Core Platform, A1 Bank can operate as a digital bank in full compliance with Austria’s Financial Market Authority (FMA) and Germany’s Federal Financial Supervisory Authority (BaFin), while continuing to drive innovation in Europe’s financial sector. Avaloq’s core banking system automates and streamlines fundamental processes across A1 Bank’s front, middle and back office. This includes client onboarding, payments and settlement. The result is high straight through processing and service accuracy rates to enhance the efficiency of the bank’s operations.
Michael Wilhelm, COO at A1 Bank, said: “After an extensive selection process we decided for the combination of Avaloq as standard core banking system and Synpulse as strategic partner for configuration, integration and operations. We successfully implemented with a very small core team in the bank and in a very reasonable time the target infrastructure for our growth ambitions.”
Plug & Bank’s scalability: positions Synpulse to undertake similar projects for European banks of any size
André Burger, Senior Partner at Synpulse, added: “I am proud of my team at Synpulse. Together, we have achieved a successful and swift implementation of the Avaloq Core Platform. Plug & Bank’s scalability positions us perfectly to undertake similar projects for European banks of any size.”
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By GlobalDataMartin Büchi, Chief Technology Officer at Avaloq, said: “This project demonstrates the flexibility of the Avaloq Core Platform. This can be seamlessly adapted to support the needs of neobanks and larger financial institutions alike. Our core banking platform provides a solid operational foundation on which A1 Bank can continue to deliver on its clients’ financial objectives. We are proud to partner with A1 Bank and Synpulse to help drive the ongoing digital transformation in finance.”
