IBM and Avaloq build cloud for Swiss banks

The software solutions of Avaloq help companies in the finance sector through the process of automation and digitalization. The fintech company has now announced an agreement with IBM to jointly build a private Swiss Banking Cloud.

Avaloq will be leveraging IBM’s Infrastructure as a Service (IaaS) offering in its IT service delivery model. IBM will also provide private cloud infrastructure services in Switzerland to Avaloq as well as access to its global cloud resources. As a result, banks and wealth managers that use Avaloq’s services will be able to carry out the associated processes in the IBM cloud.

“As financial institutions look to capitalize on tech-driven changes, there is a continued trend towards services and cloud delivery models,” said Jürg Hunziker, Avaloq Group CEO.

As part of the agreement, IBM will take on all Avaloq’s employees at the data centres in Zurich and Lugano. “We have engaged IBM to help us accelerate the transformation of our IT operating model,” added Hunziker.

The joint Avaloq and IBM Swiss Banking Cloud will be ready for on-boarding Avaloq’s clients in Switzerland in the second half of 2018. The cloud will be made available to Avaloq clients in other areas and regions in due course.

Hunziker: “This initiative supports our general endeavour to standardize and automate the financial industry and is in line with Avaloq’s vision to enable the financial industry to provide state-of-the-art client experience in a highly efficient and compliant way.”