Avaloq and Google Cloud partner to develop cloud solutions for banks and wealth managers

By Megha Bhattacharya

Digital banking solutions provider Avaloq today announced a strategic partnership with Google Cloud for supporting financial organisations in their digital transformation. The partnership is expected to enable financial institutions to leverage Avaloq’s Banking suite and other platforms on Google Cloud.

“The financial services industry is undergoing rapid shifts, as banks seek to deliver strong, digital-first experiences to customers,” said Avanish Sahai, Vice President, Partnerships at Google Cloud. “Avaloq provides core and digital banking solutions for many of the world’s leading banks and financial institutions, and we are delighted to partner with Avaloq to support cloud-based transformation for these customers.”

Orbium, part of Accenture, will be supporting Avaloq in testing and implementation procedures in Google Cloud.

The integration of Avalaq’s Banking Suite with Google Cloud will enable customers to offer provision infrastructure for the deployment of their Avaloq applications, combined with the flexibility provided by the cloud including Bare Metal solutions to meet the unique needs of each customer.

Samir Gherbi, Orbium Managing Director, said,“We are pleased that the Avaloq Banking Suite in connection with Google Cloud can deliver the performance needed to support the demanding requirements of financial institutions. We used Google’s native services and emerging cloud native approaches – such as infrastructure as code – to install Avaloq Banking Suite in a highly efficient and cloud-native manner.”

Recently, Avaloq announced the launch of an Environmental, Social and Governance (ESG) investment solution for banks and wealth managers. The solution is expected to allow users to build customised ESG compliant portfolios for clients. It has been designed to help financial institutions capitalize on the significant market shift towards ESG investing, and ensure compliance for companies operating in the European Union, with the upcoming amendment of MiFID II.

Thomas Beck, Group Chief Technology Officer at Avaloq, said: “Many businesses are accelerating their digital transformation due to the global COVID-19 pandemic. That includes financial services institutions, which are increasingly seeking to use critical IT infrastructure and platforms in a cloud-based environment. We are truly impressed by Google Cloud’s innovative solutions and are excited to partner with this distinguished firm. This strategic partnership builds on Avaloq’s multi-cloud strategy, which allows our clients to pick and choose from a wide range of state-of-the-art IT infrastructure solutions.”