BSI Group goes live with the B-Source Master «powered by Avaloq»
On July 4, 2011 B-Source successfully migrated BSI Switzerland and its affiliates in Singapore, Nassau and Luxembourg to its new Business Process Outsourcing (BPO) solution, the B-Source Master powered by Avaloq. This milestone took place six months after BSI Monaco SAM in Monte Carlo, a wholly owned subsidiary of BSI AG, migrated to the Avaloq Banking System, covering all of its back-office activities via the B-Source Master powered by Avaloq. The migration of the BSI Group to the new platform was efficiently completed under the overall project management of B-Source, which was supported by Orbium as the preferred strategic implementation partner.
Bioggio, Zurich, August 02, 2011
This latest go-live marks a major milestone for all parties involved given the project’s complexity in terms of adapting to various local regulations, international framework issues and services portfolio. The BSI Group is the sixth bank to have migrated to the B-Source Master powered by Avaloq, providing the bank with a cutting-edge core banking solution that is one of the most reliable in the Swiss market. B-Source has delivered Avaloq’s banking software as an overall service package to the bank. No other bank of this size is using a complete BPO solution on Avaloq, making the BSI Group a pioneer in this area.
Stefano Coduri, Senior Executive Vice President of BSI AG, Head Banking Platform, said: “The group-wide implementation of the B-Source Master powered by Avaloq represents a significant step forward for BSI in terms of evolving our IT system and improving our business processes. The new IT platform will increase operational efficiency and accelerate the time to market for new products and services, further improving the level of service we deliver to our clients. Thanks to the introduction of this advanced technology platform based on Avaloq, BSI is ready to meet future challenges and to continue its growth strategy.”
Markus Gröninger, CEO of B-Source, commented: “Aside from the size of the bank and its breadth of services and products in private banking, this go-live with the BSI Group will be remembered as the first migration successfully executed across three different time zones. B-Source’s centralized business model has helped us achieve this significant milestone, which was reached after having already successfully migrated BSI Monaco SAM in the Principality of Monaco six months ago. Since the beginning of January 2010 – in just 18 months - six banks active in private banking with affiliates abroad have migrated to the B-Source Master powered by Avaloq, in line with the conditions and regulatory requirements of each country. The latest trend analysis shows that the demand for Business Process Outsourcing (BPO) in the banking industry will increase further, which strengthens our position together with our partner Avaloq in the outsourcing market.”
”The success of this project proves once again that Avaloq and B-Source enable global financial players to undertake highly efficient Business Process Outsourcing that is both on schedule and in line with their budget”, said Avaloq’s CEO Francisco Fernandez. “The scale of this project is impressive. Not only did we increase efficiency by raising straight-through-processing rates by 25% for BSI, but we also migrated 2,000 users in four countries across the globe. Today, BSI AG uses a significant proportion of Avaloq Group’s products and services, and it now has the largest fully outsourced banking solution in Switzerland. As a result, BSI is one of the largest Avaloq banking customers worldwide.”
Orbium was the main implementation partner and played a key role from the beginning of the project. Samir Gherbi, Orbium Engagement Partner, expressed his enthusiasm for the BSI go-live, which is clearly a very important milestone in Avaloq's history. Orbium is proud to have been an important partner in this success story.
Avaloq: Essential for Banking
For more than 25 years, Avaloq has been successfully providing major banks with integrated and comprehensive banking software solutions. Avaloq's "ready for banking" solutions cover a broad range of fully integrated back, middle and front office functionalities which are successfully operated in the most demanding financial centres worldwide. Today, 75 retail, wealth management and universal banks in 20 countries rely on Avaloq as a competent innovation partner and advisor. The Avaloq community represents a unique network of excellence consisting of customers, partners and experts who co-design the future of banking. Avaloq employs more than 600 banking and IT specialists. The company has its headquarters in Zurich (Switzerland) and two main software development centres in Switzerland and the UK. In addition, the company maintains branch offices in strategically important financial centres like London, Frankfurt, Luxembourg, Vienna, Geneva, Moscow, Singapore and Hong Kong.
Established in Lugano (Switzerland) in 1873, BSI AG is one of the oldest banks in Switzerland and specialises in private wealth management. Since 1998, the Bank has been wholly owned by the Generali Group, one of the most significant participants in the global insurance and financial products market. The bank places great emphasis on establishing and maintaining ongoing personal relationships with clients, while at the same time offering global asset management services with world-class products. It is present in the major financial markets worldwide, in Europe, Latin America, the Middle East and Asia.
Orbium is an international IT and business consultancy focusing exclusively on the financial services industry. By sharing its extensive business and IT knowledge, it helps its financial services clients to successfully negotiate their business and technical challenges. Orbium services are offered on a project or strategic staffing basis, in both custom and package environments, and across all technology platforms. Orbium is an Avaloq Premium Implementation Partner. It has offices in Geneva, London, Luxembourg, Singapore and Zurich. With more than 130 employees, Orbium Business and IT consultants continuously build and upgrade clients’ systems to “competitive advantage” status.