Austria’s A1 Bank Achieves Digital Milestone with Avaloq Core Banking Platform
A1 Bank in Austria has successfully launched Avaloq’s core banking platform, marking a significant advancement in its digital transformation journey. Described as a “major milestone,” this move underscores the bank’s commitment to innovation and operational excellence.
Avaloq’s core banking platform, a key component of the Swiss vendor’s banking technology suite since 2001, is poised to revolutionize essential processes across A1 Bank’s front, middle, and back offices. From client onboarding to payments and settlement, automation and streamlining are expected to drive efficiency and enhance customer experiences.
A1 Bank, operating under telecommunications provider A1 Telekom Austria, has implemented Avaloq’s platform in the cloud, adopting a Software-as-a-Service (SaaS) model for scalability and agility.
Martin Büchi, Avaloq’s Chief Technology Officer, emphasizes the platform’s role in providing a robust operational foundation for A1 Bank to achieve its clients’ financial objectives effectively.
The implementation of Avaloq’s platform at A1 Bank was carried out by Synpulse, Avaloq’s partner of two decades, which boasts this as its “fastest ever implementation.” Synpulse also highlights its Banking-as-a-Service (BaaS) solution, Plug & Bank, offering A1 Bank flexibility to diversify its offerings and expand into new business areas as a licensed online bank.
Michael Wilhelm, COO at A1 Bank, highlights the strategic decision-making process, choosing Avaloq as the standard core banking system and Synpulse as the strategic partner for configuration, integration, and operations. The successful implementation, achieved with a small core team within the bank, underscores efficiency and agility.
A1 Bank’s selection of Avaloq was initially announced last June when it was known as Paybox Bank, signaling its anticipation of market trends and commitment to aligning offerings with evolving customer needs.
With the launch of Avaloq’s core banking platform, A1 Bank is poised to leverage technology to drive growth and deliver superior customer experiences in the competitive financial landscape.
Source: fintechfutures.com
