Nobody move
Avaloq’s implementation of its Avaloq Banking Suite at BHF-Bank in Germany has been put on hold due to differences in the interpretation of the contract.
Avaloq tells Banking Technology that it is “not due to technical reasons” and it “continues to engage in conversations” with the bank.
Philippe Oddo, chairman of BHF-Bank, adds that he cannot comment on the process, “because it is an ongoing project and this has been agreed between the parties”.
The contract between the two parties was signed in 2014. Avaloq Banking Suite was going to replace Misys’ Midas legacy solution at BHF-Bank, Banking Technology understands.
To highlight its good track record in Germany, Avaloq points to its recent contract with Deutsche Apotheker-und Ärztebank (apoBank), which is considering the implementation of Avaloq’s flagship core banking system.
The two parties have signed a contract to “analyse and elaborate how far the execution of the apoBank IT strategy can be based on the Avaloq Banking Suite”, Avaloq says.
Also, Germany-based subsidiary of Turkey’s banking group, Isbank, has recently migrated to Avaloq Banking Suite.
Furthermore, Avaloq has a business process outsourcing (BPO) centre in Germany, Avaloq Sourcing Germany. It was set up together with a local private bank, Quirin, and was originally co-owned by the two parties. Last year, Avaloq became the full owner of the venture. Avaloq Sourcing Germany focuses on the private banking and wealth management sector.