Avaloq launches OpenWealth standard at LGT, boosting asset manager services

Avaloq launches OpenWealth standard at LGT, boosting asset manager services

LGT, the international private bank of the Princely House of Liechtenstein, in collaboration with Avaloq and Synpulse8, has introduced the OpenWealth API standard to enhance its business with financial intermediaries.

This cutting-edge solution will provide these intermediaries, including independent asset managers and multi-family offices, with real-time access to vital investment data through a unified, user-friendly interface.

LGT, recognised as the international private banking arm of the Princely House of Liechtenstein, has long been dedicated to offering tailored investment solutions and expert advice, backed by swift order processing. The introduction of OpenWealth marks a pivotal advancement in the bank’s nearly two-decade-long partnership with Avaloq, which has consistently supported LGT with its flexible Avaloq Core Platform.

The OpenWealth standard, developed in collaboration with Synpulse8—a technology specialist and a software partner of Avaloq—aims to streamline and standardise data connectivity between LGT and its financial intermediaries. This initiative is expected to mitigate operational risks significantly and enhance data accuracy by transitioning away from traditional daily batch processing to a more dynamic real-time data update system.

Markus Werner, member of the executive board at LGT Bank AG, emphasised the strategic importance of OpenWealth: “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 better serve their clients. 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, reflected on the enduring partnership: “For nearly 20 years, our partnership with LGT has continued to thrive as we support the bank’s long-term growth with our highly scalable core banking system as well as our web banking platform.

“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. We are proud of our track record in open banking and innovation, which underpins our mission to orchestrate the financial ecosystem and democratize access to wealth management.”

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