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Andres Fischer
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FRS and Avaloq announce strategic partnership

Avaloq, one of the leading banking solution providers in Europe, and FRS, the leading global provider of regulatory compliance solutions, today announced a strategic partnership. This joint effort, the integration of FRS FinancialAnalytics and Avaloq’s Banking System ensures that banks stay in sync with today’s dynamic regulatory compliance and reporting environment, including prudential reporting requirements, Basel II and IFRS.

Avaloq has many years of experience in successfully developing banking solutions. Renowned for its clear strategy of offering solutions that are tailored to customer demands, Avaloq has earned the reputation of being a trustworthy business partner for the development, maintenance and operation of banking technology solutions. FRS’s integrated financial and regulatory reporting platform FinancialAnalytics addresses the finance industry’s specific requirements for regulatory, risk and financial reporting. Based on the successful concept of a single data repository, FRS’s solutions allow for an easy integration with the banks’ IT systems and provide business benefit beyond compliance.

To support mutual operations and provide best-of-breed services for all financial institutions, FRS and Avaloq are strengthening their cooperation by combining Avaloq’s back office strengths with FRS’s geographical coverage and market-leading products. This will allow them to provide a reliable and long-term solution covering risk and compliance for both local and global regulatory reporting requirements.

Given the multitude of regulatory challenges banks face today, it is critical that they have a comprehensive system – a powerful banking system and a scalable financial reporting platform – to overcome regulatory & compliance obstacles, including prudential reporting requirements, Basel II and IFRS. This system should leverage a common data foundation to harness financial intelligence across the enterprise.