Avaloq remains a popular choice for banks and wealth managers when it comes to digital and core banking software solutions. The company has announced that Deutsche Bank Luxembourg has deployed the Avaloq Banking Suite in order to operate from one cash ledger for all of its businesses.
Avaloq Banking Suite reduces the complexity, risks, and costs that come with legacy systems, while still enabling the bank and its key affiliate entities to deliver the full range of services to clients.
By choosing a one cash ledger for all businesses pursued by Deutsche Bank Luxembourg and key affiliate entities of the Deutsche Bank Group in Luxembourg, the financial institution benefits from consistency and efficiency gains.
A number of Deutsche Bank’s relevant banking divisions and entities active in the Grand Duchy have migrated from its legacy core banking system in one move to the Avaloq IT platform.
Deutsche Bank’s cross-border Wealth Management activities have their international competence and service centers in Luxembourg and Switzerland. Deutsche Bank Luxembourg is one of the largest foreign banks in Luxembourg and classed as a systemically important institution in the Grand Duchy. As such it is directly supervised by the European Central Bank. It serves as Deutsche Bank Group’s syndicated and bilateral lending hub for clients of the Corporate & Investment Bank and as the EU service hub for the group’s international Wealth Management business.
Jürg Hunziker, Chief Executive Officer of Avaloq’s Group, commented:
“We are delighted about the going live of Deutsche Bank Luxembourg, and we are excited by the new opportunities that the institution will be able to capitalize on in the competitive wealth management sector.”
Frank Krings, Chief Executive Officer of Deutsche Bank Luxembourg S.A., said:
“The Avaloq Banking Suite provides the client and user experience as well as the agility, efficiency and technological edge that Deutsche Bank has been looking for in order to take the bank to the next level of client service while enhancing our ability to innovate.”
Avaloq has expanded its business throughout the years and is currently serving over 150 customers and wealth managers, who manage 4 trillion US dollars in assets from ultra-high net worth investors to average savers.