- Wealthtech platform Avaloq and Banque Internationale à Luxembourg (BIL Suisse) renewed their strategic partnership this week. The two entities have worked together for more than ten years.
- Avaloq and BIL Suisse noted that the next phase of the collaboration will emphasize joint innovation and enhanced client-based services for customers in the Swiss market.
- Founded in 1985, Avaloq won Best of Show at FinovateAsia 2018 in Hong Kong.
Wealth management technology platform Avaloq and Banque Internationale à Luxembourg (BIL Suisse) renewed their strategic partnership this week. BIL Suisse has leveraged Avaloq’s platform and banking operations service for more than ten years and noted in a statement that the “next phase of collaboration” with the Zurich-based fintech will focus on joint innovation and enhanced client-focused services for the Swiss market.
Going forward, BIL Suisse will continue to rely on Avaloq for its core banking system, which is delivered in a SaaS model. Avaloq manages both the system and infrastructure, including regulatory updates, enabling the bank to scale efficiently while maintaining operational stability and compliance. BIL Suisse and Avaloq will also work together on joint innovations to facilitate BIL Suisse’s secure integration with third-party services. This will involve fortifying both the financial institution’s KYC processes and data connectivity to ensure effective risk management and seamless data integration.
BIL Suisse will also continue to use Avaloq’s Banking Operations service for its high levels of straight-through-processing (STP), enhancing back-office efficiency, reducing manual intervention, and providing embedded risk and compliance controls.
“For more than 40 years, BIL Suisse has served the Swiss market with a deep commitment to tailored service and a boutique approach inspired by the entrepreneurial spirit of our people,” BIL Suisse Chief Operating Officer and General Counsel Tobias Kamber said. “Avaloq has been a key partner on this journey, providing the technology that streamlines and enhances our front-, middle-, and back-office operations. We value this long-standing collaboration and the important role it plays in our digital transformation, helping us deliver the seamless, high-quality experience our clients expect.”
A boutique private bank, BIL Suisse provides bespoke wealth management, advisory, investment, and lending services. The institution serves high-net-worth individuals, entrepreneurs, family businesses, and professional intermediaries around the world. Founded in 1985, the institution is a subsidiary of Banque Internationale à Luxembourg SA, the oldest private bank in the Grand Duchy of Luxembourg.
“This renewal builds on a partnership that has enhanced BIL Suisse’s operations over many years,” Avaloq Managing Director for Switzerland and Liechtenstein Christian Haux said. “Looking ahead, we will work closely with BIL Suisse to advance the bank’s digital transformation, delivering higher levels of automation and supporting a high-quality client experience. We thank BIL Suisse for its continued trust and look forward to continuing to serve as their partner for core banking and back-office operations.”
Founded in 1985, Avaloq won Best of Show at FinovateAsia 2018. The company provides wealth management technology and services for financial institutions worldwide. This includes private banks, wealth managers, investment managers, and retail and neobanks. Avaloq’s platform covers the entire value chain from the front to the back office, helping clients achieve straight-through processing rates of up to 99%, increase revenue per adviser by as much as 10%, and enable firms to expand into new markets in as little as six months. Acquired by Japan’s NEC Corporation in 2020, Avaloq today has more than 175 clients around the world on its platform, including Deutsche Bank, Barclays, and HSBC.
Photo by Robert Ruggiero on Unsplash
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