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apoBank selects Avaloq's BPaaS for securities processing

und Ärztebank eG (apoBank) has announced that it is further expanding its cooperation with the Avaloq group by offering securities settlement through Avaloq’s Business Process as a Service (BPaaS) solution.

Following its decision to replace its core banking system with the Avaloq Banking Suite in order to accelerate its digital transformation, apoBank has now decided to also rely on Avaloq's BPaaS services for its securities processing. Both parties are jointly preparing this step. Next to existing offices in Berlin and Leipzig, Avaloq will open a further office location in Düsseldorf and take over 75 employees.

Jürg Huziker, CEO, Avaloq, said “I am delighted that apoBank has decided to intensify our cooperation even further. This is a great success for our service business in Germany, and we are pleased about this proof of confidence by apoBank, a pioneer in digital transformation in Germany. We see increased demand in the market for SaaS and BPaaS and our high-performance digital banking solutions, and I’m confident we will continue to benefit from this momentum going forward.”

Upon go live of the new core banking software, the securities settlement will be transferred to Avaloq. Eckhard Lüdering, Member of the apoBank Executive Board, said “We are moving ahead with our IT migration and are currently getting our infrastructure ready. We envisage going live in the middle of the year. The effort will be worth it because the new IT is the basis for us becoming faster, more digital and more specialised.”

"We want to offer our customers innovative digital solutions for securities settlement. Transferring our securities settlement to Avaloq in a BPaaS model was a logical step. It will reduce complexity, simplify and accelerate processes, and create the space for us to concentrate on personal advice in our customer business and further expand our services,” added Lüdering.

Avaloq currently employs around 185 people in Germany. Its other German clients include Julius Baer, Quirin Privatbank, Vontobel Europe, V-BANK, Tradegate Wertpapierhandelsbank and Isbank.