Core banking software developer Avaloq has been selected by German bank Deutsche Apotheker- und Ärztebank eG (apoBank) to improve its securities settlement.
apoBank has already decided to replace its existing core banking system with Avaloq’s banking suite to help boost its digitalization.
To help support this partnership, Avaloq is opening an office in Düsseldorf and will take 75 employees to it.
Avaloq CEO Jürg Hunziker said, “I am delighted that apoBank has decided to intensify our cooperation even further. This is a great success for our service business in Germany, and we are pleased about this proof of confidence by apoBank, a pioneer in digital transformation in Germany.
“We see increased demand in the market for SaaS and BPaaS and our high-performance digital banking solutions, and I’m confident we will continue to benefit from this momentum going forward.”
Avaloq recently formed a deal with Swiss-based wealth management technology company Edgelab. The agreement will help Edgelab to funnel its risk assessment for investment capabilities into the new platform.
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