Avaloq extends contract with First Abu Dhabi Bank in Switzerland
First Abu Dhabi Bank (FAB) has extended its contract with Avaloq in Switzerland for the latter’s business process-as-a-service (BPaaS) systems.
The two firms have been working together in Switzerland since 2007, when FAB became Avaloq’s first private banking client in the city of Geneva.
FAB’s private bank in the country offers wealth management solutions to high net-worth individuals and is a wholly owned subsidiary of its parent group, the largest banking organisation in the United Arab Emirates.
Back in its home country, FAB deploys Temenos’ T24 core banking system, as well as Fircosoft’s global sanctions screening technology, both of which went live in 2018.
The new Swiss contract was awarded after a “highly competitive tender process”, according to Avaloq.
“Avaloq has been a trusted partner for well over a decade and, through the recent tender process, has again proved itself in terms of the depth of its digital banking solutions,” says Simon Durrance, chief operating officer at FAB Switzerland.
Mathias Schütz, Switzerland and Lichtenstein country head at Avaloq, says that the deal is a “further recognition of the strength” of its BPaaS model and the firm’s “dedicated approach to understanding private banks.”