Challenger bank paybox selects core banking system from Avaloq
Vienna-based paybox Bank, a subsidiary of A1 Telekom Austria, is migrating its operations to a new core banking system, supplied by Swiss banking tech provider Avaloq.
paybox Bank migrates to Avaloq’s core banking system
Founded in 2000 and operating online, paybox currently offers credit cards and payment solutions for private and corporate clients. It now plans to expand its product range and to use EU passporting to grow in Germany and Southeast Europe.
Avaloq’s core banking platform, implemented by Avaloq’s integration partner Synpulse, “will automate and streamline the bank’s processes and workflows across the front, middle and back office”, the vendor says.
Michael Wilhelm, chief operating officer (COO) and executive board member at paybox, says the bank “aims to shape the future of digital finance in Europe”.
He says the new core banking software will enable paybox “to expand into any client segment or business area in the future” and quickly launch new offerings in response to market trends, thanks to the platform’s flexibility.
