IBM and wealth management IT firm Avaloq are joining forces to build a private Swiss Banking Cloud.
Under the long-term agreement, IBM will provide to Avaloq private cloud infrastructure services in Switzerland as well as access to its global cloud resources and capabilities as part of a hybrid cloud environment.
As part of the agreement, the Avaloq employees currently operating Avaloq’s data centers in Zurich and Lugano will join IBM in the existing locations. The private cloud infrastructure and the new operating model will be fully compliant with the Swiss legal and regulatory requirements applicable to banks and leveraging IBM’s global best practices.
“The Swiss Banking Cloud will be ready for on-boarding Avaloq’s new SaaS and BPaaS clients in Switzerland in the second half of 2018. The migration of Avaloq’s existing SaaS and BPaaS clients to the new platform is expected to happen in the first half of 2019. Avaloq is working closely with its clients to enable a smooth transition”, said Tobias Unger, regional manager CH/FL, Avaloq.
Headquartered in Switzerland, Avaloq has more than 2,000 employees, three R&D centres in Zurich, Edinburgh and Manila and four service centres in Switzerland, Singapore and Germany. It also has a presence in Berlin, Frankfurt, Hong Kong, London, Luxembourg, Madrid, Paris, Singapore and Sydney.