Avaloq, an international fintech providing services and digital solutions to banks and wealth managers, announced on Thursday that Deutsche Bank Luxembourg has adopted its Avaloq Banking Suite. According to Avaloq, more than 150 customers and wealth managers manage $4 trillion in assets with Avaloq, helping everyone from the ultra-high net worth investor to the average saver.
The company reported adopting the suite allows the banking organization to migrate to a new single cash ledger for its various businesses and enables it to deliver the full range of services to clients while reducing complexity, risks, costs, and paving the way for future growth. Speaking about onboarding Deutsche Bank Luxembourg, Jürg Hunziker, Avaloq’s Group CEO, stated:
“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, CEO of Deutsche Bank Luxembourg S.A., added:
“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.”
The onboarding comes nearly a month after Avaloq announced it acquired 10% stake in blockchain and cryptocurrency specialist firm, Metaco. Founded in 2014, Metaco is described as a company that has developed specialist cryptographic solutions that be fully integrated into a bank’s core processes.