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Avaloq launches OpenWealth standard at LGT with Synpulse8

By Gloria Methri

June 24, 2024

  • Asset Management
  • Avaloq
  • Avaloq Core Platform

Avaloq, OpenWealth, LGT, Synpulse8, Wealth Management, FinTech, Liechtenstein Liechtenstein-based LGT, in collaboration with Avaloq and Synpulse8, has implemented the OpenWealth API standard to enhance its business with financial intermediaries. The new solution will provide them with real-time access to LGT’s investment positions and transaction data, with standardized data quality and an intuitive single interface.

As a custodian bank, LGT, the international private bank of the Princely House of Liechtenstein, offers customized investment solutions, personal advice and fast order processing to financial intermediaries, including independent asset managers, multi-family offices and fund companies. For almost 20 years, Avaloq has supported LGT with the flexible Avaloq Core Platform.

The companies have successfully implemented OpenWealth together with Synpulse8, Synpulse’s technology and integration specialist and Avaloq software partner. Synpulse is the founder and orchestrator of the OpenWealth Association, the standardization body for OpenWealth, of which LGT is an active member.

OpenWealth ensures standardized connectivity between LGT and its financial intermediaries, providing them with near real-time access to the bank’s investment positions and transaction data. This, in turn, reduces operational risks and enables financial intermediaries to update their platforms with more timely and accurate data rather than relying on daily batch processing.

Markus Werner, Member of the Executive Board at LGT Bank AG, said, “OpenWealth will strengthen our relationships with independent asset managers, family offices and trustees and support our ambitions as a forward-looking custody bank. The standardized solution will ensure that our partners have access to the latest data to serve their clients better. We look forward to strengthening our long-term partnership with Avaloq in the coming years and to continuing our joint development activities for enhanced connectivity with financial intermediaries globally.”

Martin Büchi, Chief Technology Officer at Avaloq, said, “With this latest joint innovation, LGT is taking a leading role in helping to create a more interconnected financial marketplace while enhancing the value that financial intermediaries deliver for their investors. Thanks to Synpulse8’s standard adapter, the entire Avaloq community can now seamlessly integrate OpenWealth into their core banking systems for improved data exchange with their network of financial intermediaries.”

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