The contracts have been signed: Swiss-based private bank Coutts Bank von Ernst is to use the Avaloq Banking System for central transaction processing in Switzerland, and also in Asia and the Isle of Man. "The decision by Coutts Bank von Ernst to use our software is a further confirmation of its international compatibility and multi-client capability," said Francisco Fernandez, CEO of Avaloq.
Coutts Bank von Ernst, which is a member of the Royal Bank of Scotland Group, plans to replace its current solution over the next two years. Approximately 900 users in Switzerland and abroad will be working with the Avaloq Banking System. The software fully complies with legal and tax requirements in Asia, as an earlier project confirms: Barclays Bank Singapore has been successfully using Avaloq since 2005.