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Avaloq Services > Implementation > Implementation of a new Business Unit

Implement a new Business Unit in an Existing Instance of
Avaloq Banking System

Project Background

In order to enter the rapidly-growing Middle Eastern and South Asian wealth management markets, this large financial group decided to open a private bank in Dubai. Developing a banking system from scratch would be too time-consuming. Instead, the project consisted in adding a business unit to an existing instance of the Avaloq Banking System; one that was already running the operations of three different entities. One of these entities was the group’s Swiss private bank, which became responsible for hosting the hardware and software system of the new entity. Orbium was given full responsibility for the development of the new business unit within the existing Avaloq system.
 

The Client

The client is a large international financial group that is active in private, retail and investment banking, as well as asset management and insurance.
 

Challenges

This was the first ever Avaloq Banking System implementation for a Dubai-based bank. All software capabilities specific to Dubai, such as capabilities to cope with legal reporting and other regulatory requirements, therefore had to be developed in the system from scratch. Furthermore, the implementation of the new business unit had to be performed smoothly in an Avaloq instance that was already hosting the operations of three other entities. This constituted an important release management challenge.
 

Scope of Project and Orbium's Role

Orbium was responsible for analysing, developing and implementing the Avaloq Banking System, as well as testing the following:

• A new business unit based on Avaloq’s MESI (multi-entity single-instance) concept
• Business processes for every transaction type
• Reporting capabilities for different business areas such as accounting and risk management.
  
   

Results

With a team of five business and IT consultants, Orbium successfully delivered on budget an on time. Orbium developed, implemented and tested the following:

• Client and account management
• Stock exchange, security events, payment, credit, money market, FRA, IRS, FX spot, and FX forward
• Cost and fees, accounting system, legal-reporting system according to Dubai regulations, internal reporting system, risk management system, client reporting and output management
• Security, application management and monitoring.

Five months after the project started, the new Dubai-based private bank successfully started operations with the Avaloq Banking System.

 

Related Topics

Services -Avaloq Services

Avaloq Services -Implementation