Zurich-based software firm Avaloq and the Raiffeisen Group signed contracts last week. The Avaloq Banking System is to standardise Raiffeisen's existing disparate IT infrastructure. In a first step, it will replace the central banking systems for payment transactions and the central bank.
Avaloq CEO Francisco Fernandez commented, "The contract strengthens our position in retail banking and clearly proves that Avaloq is an excellent solution for payment transactions."
For the Raiffeisen Group's management, the benefits of a central Avaloq platform lie in extensive synergies for their banking services and in more efficient internal processes. It also chose the core banking system to be prepared for future regulatory requirements regarding the bank's IT infrastructure.