Technology
Liechtenstein Private Banks Adopt Avaloq System In Austria
Two prominent private banks based out of the tiny European jurisdiction are both moving their Austrian operations to Avaloq's service.
Liechtensteinische Landesbank’s Austrian business is switching to the core banking system of Switzerland-headquartered Avaloq, aiming to complete the switch by 2019, LLB said.
For the transition, LLB is working with another Liechtenstein-headquartered bank, LGT Group, which is also switching to the Avaloq Banking Suite in Austria.
LLB has used Avaloq’s banking software since 2011. Within its
group, subsidiary bank LLB Österreich still uses a separate
system.
The transition will be made as part of a strategic project
of co-operation between LLB Group and LGT Group.
"Avaloq will adjust the core banking solution for the LLB in Vienna as well as the LGT branches in Vienna and Salzburg, thus supplying the very first banks in Austria with the core banking system," Francisco Fernandez, CEO of the Avaloq Group, said.
