The Avaloq Group, the international reference for integrated and comprehensive banking solutions, together with its partner Orbium, announces the launch of the Avaloq Banking System at CFG Group in Morocco. Twenty months after choosing this innovative solution, the bank draws positive conclusions regarding the implementation.
CFG Group has chosen all modules of Avaloq’s universal front-to-back banking platform, which ensures in particular the seamless integration of the securities modules with the cash modules. “Avaloq’s excellence in private banking as well as numerous references from its community dispelled any doubts we might have had about our choice. Moreover, we had already tried out the solution’s adaptability that enables us to customise and develop new operational business models. This further confirmed that we made the right decision”, says Younès Benjelloun, CEO of the CFG Group.
Based in Casablanca, CFG Group is an independent investment bank providing the full spectrum of investment banking services: corporate financing, capital market transactions, portfolio management, and venture capital. It aims to offer a wide range of value-added services to its private clients.
This demanding project was managed by Avaloq’s Premium Implementation Partner Orbium and brought about a genuine revolution within the bank. CFG Group replaced every IT system across all its business processes with the Avaloq Banking System, from accounting to finance operations, payment transactions, credits and the entire securities value chain, one of Avaloq’s areas of special expertise. All online stock exchange transactions are processed via the e-banking platform “e-services” by Avaloq’s partner Swisscom IT Services.
In addition, the implementation of the multi-entity capable Avaloq platform has enabled reorganisation measures at CFG Group by consolidating banking activities and distribution services for private clients within the CFG Group bank.
Tecla Solari, Avaloq Managing Director for France, Southern Europe and Morocco, explains: “This project was implemented together with our partner Orbium who also helped us to tailor the product to the specific requirements of the Moroccan market. The roll-out had been so well prepared beforehand that we were able to execute it entirely without incidents. The implementation had to be flawless so as not to threaten CFG’s online business.”
All four parties involved in the project, CFG Group, Avaloq, Orbium and Swisscom IT Services, worked together in perfect agreement. “Knowledge was transferred seamlessly, enabling the CFG Group to introduce new products independently and quickly thanks to Avaloq. With our new solution we manage and process all of our banking activities, from business administration to asset management in the private banking area as well as in retail banking”, declares Moulhim Aouad, IT Manager at CFG Group, with satisfaction.
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