The Avaloq Group has arrived in the United Kingdom. As a first step, the Swiss market leader for integrated banking software solutions has opened a branch office in London, from where it now covers the British financial market. Its first UK customer, Adam & Company, went live with the Avaloq Banking System on January 4.
The number of Avaloq’s international clients is constantly rising. As part of its internationalisation strategy, the Zurich-based software company aims to be present in the world’s most important financial centres in order to support its clients locally. The opening of the London office emphasises the company’s strong commitment to London as one of the leading global financial centres and hub for the UK market. Business at the new Avaloq location is under the direction of Managing Director, José Manuel Carro, and Senior Sales Manager, Peter Dingomal. José Manuel Carro has been with Avaloq for 11 years as a banking and software specialist, whilst Peter Dingomal has been working in the UK banking software industry for 25 years. Avaloq UK has already hired 10 employees including experienced Avaloq consultants and newly recruited specialists, familiar with the UK market. They are now building partnerships with local software vendors in the area of tax and regulatory reporting as well as local implementation and hosting partners to help support the anticipated projects.
Francisco Fernandez, CEO of Avaloq Evolution AG, comments: "We're very happy to announce our market entry in the United Kingdom. We can now ensure support for banks in London and across the country. While we are already the market leader in Switzerland and have achieved remarkable success in other countries around the globe, the UK has always been one of our most important target markets. The Avaloq Banking System enables banks to offer new products and services with an unbeaten time to market and it substantially reduces a bank’s operating expenses. I am confident that more and more British financial institutions will benefit from just that. Our presence in London will certainly influence British banks’ choices when it comes to deciding about new banking software.”
The first client to be supported by Avaloq in the UK is Adam & Company. The private bank went live with the Avaloq Banking System on 4th January and transferred its entire business onto the new system – in a well planned and well executed process. Now, approximately 400 employees of Adam & Company are using the Avaloq Banking System in all of the company’s branch offices. Adam & Company's project is part of an overall contract signed with RBS Coutts which already uses the Avaloq system in many of its international locations.
Avaloq will now start work on completing the implementation at Coutts itself. Jürgen Pulm, Chief Administration Officer, RBS Wealth Management, states: “We have a very good experience of using Avaloq with our Swiss company RBS Coutts and therefore considered it as a core option for use with Adam & Company. It came out on top in our evaluation process and then lived up to its promises with a smooth transition process. Their system is one of the leading integrated banking software solutions.”
The Avaloq Banking System is fully able to meet the needs of the UK market. Adaptations to local tax and payment systems, trust administration and special Tax Wrapper products have been implemented. The Avaloq Banking System enables its UK clients to comply with the various regulatory initiatives such as the Retail Distribution Review (RDR).
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