A1 Bank goes live with Avaloq’s core banking platform
A1 Bank in Austria has gone live with Avaloq’s core banking platform, marking what it describes as a “major milestone” for its digital transformation journey.
A1 Bank goes live with Avaloq core banking platform
Avaloq says its core banking platform, launched as part of the Swiss vendor’s banking tech suite in 2001, will automate and streamline “fundamental processes” across A1 Bank’s front, middle and back office, including client onboarding, payments and settlement.
It has been deployed by A1 Bank, which operates under telecommunications provider A1 Telekom Austria, on the cloud in a Software-as-a-Service (SaaS) model.
For Martin Büchi, Avaloq’s CTO, the platform “provides a solid operational foundation on which A1 Bank can continue to deliver on its clients’ financial objectives”.
The online bank’s implementation of the platform was carried out by Avaloq’s partner of two decades, Synpulse, which claims A1 Bank to be its “fastest ever implementation”.
Synpulse adds that its Banking-as-a-Service (BaaS) solution, Plug & Bank, will enable A1 Bank to “expand into any business area as a licensed online bank”.
Michael Wilhelm, COO at A1 Bank, says: “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 and 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.”
The online bank’s selection of Avaloq was first announced last June, when it was then known as Paybox Bank. At the time, Wilhelm said the integration would enable its offering to “expand into any client segment or business area in the future”, aided by an ability to align new offerings with emerging market trends.
