Isbank migrates to Avaloq Banking Suite
Germany-based subsidiary of Turkey’s banking group, Isbank, has migrated to a new core banking system, Avaloq Banking Suite.
The system supplier, Avaloq, is known as a private banking and wealth management specialist, but the Isbank project is the first for the vendor in the retail/corporate banking space outside its home market of Switzerland.
Isbank selected Avaloq in 2014 to replace legacy software, IBBA (it stems from a Belgian vendor, Finance Technology, which now resides with IBM Belgium).
The new solution was taken to cover front-to-back office operations at the bank, running from a central back office in Frankfurt (where the bank’s HQ is based) and supporting Isbank’s operations across Europe, in a multi-site set-up.
Isbank’s European operations span Germany, France, Switzerland, Bulgaria and the Netherlands.
Consultancy firm Sofgen (now part of Tech Mahindra) assisted with the selection. Clive Bowles, who was with Sofgen at the time, was lead consultant. It is understood that Infosys’ Finacle was the other finalist.
Isbank has become the first bank in Germany focused on retail and corporate banking to opt for Avaloq Banking Suite.
It should be noted that 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 until recently was 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.