Capital Union Bank partners with Avaloq to launch new eBanking platform

By Leandra Monteiro

Bahamas-based Capital Union Bank has gone live with Avaloq’s Web Banking and is upgrading its core banking system with new modules and features based on joint innovation with Avaloq, a provider of wealth management technology.

The new web banking (eBanking) solution will further improve client interaction and engagement while the enhanced Avaloq Core Platform will support the bank’s continued growth and the seamless roll-out of innovative products and services.

Capital Union Bank first deployed the Avaloq Core Platform in a software as a service (SaaS) model in 2014, and since then has also entrusted Avaloq with the management of its back-office processes based on Avaloq’s highly automated Banking Operations offering.

As part of its renewed partnership with Avaloq, the Bank has launched a new web banking solution which offers its clients an intuitive interface for online banking, with a near real-time overview of portfolio positions. The new web banking solution allows for more frequent communication between relationship management teams and their clients, with push notifications, for faster approvals.

Patrick Zbinden, Chief Executive Officer at Capital Union Bank said, “As we celebrate nearly ten years with Avaloq, we are delighted to offer our clients access to the latest version of Avaloq’s web banking solution so that they have even more control over their assets. Our clients benefit from our unique gateway to financial markets and an ever-expanding investment universe supported by our strong core banking system, which we are constantly optimizing. I am delighted that Avaloq has the expertise and cutting-edge technology to support us in meeting the needs of our discerning clientele, and I look forward to continuing our strong partnership and joint innovation activities for many years to come.”

Through joint innovation, Avaloq and Capital Union Bank have further enhanced the capabilities of core banking system. These enhancements include dedicated modules to enable highly automated, robust compliance processes, including know-your-client (KYC) checks, support for complex investment products such as over-the-counter forex, contract-for-difference (CFD) derivatives, and the bank’s new digital assets offering. And thanks to Avaloq’s Banking Operations in a business process as a service (BPaaS) model, Capital Union Bank benefits from straight-through processing (STP) rates of up to 99% and high service accuracy for payments, securities and fund processing.

Thomas Beck, Co-Chief Executive Officer at Avaloq said, “We are firmly committed to innovation to create a more integrated banking experience and to accompanying Capital Union Bank on its digitalization journey. By automating end-to-end processes, from order entry to reporting, while enhancing client engagement channels, we will continue to support the long-term business growth of Capital Union Bank globally. As a leader in wealth management technology, Avaloq invests substantially in R&D and engages in joint innovation to keep our clients ahead of the curve. At the same time, we constantly monitor the market for regulatory updates so that our clients are always compliant. We are proud to work closely with a digital pioneer such as Capital Union Bank.”