BSI Group goes live with the B-Source Master powered by Avaloq

Bioggio, Zurich - July 4, 2011 – BSI Switzerland and its affiliates in Singapore, Nassau and Luxembourg successfully migrated to the B-Source Master powered by the Avaloq Banking System and implemented by Orbium. This milestone took place six months after BSI Monaco SAM in Monte Carlo, a wholly owned subsidiary of BSI AG migrated to the same new platform. The BSI Group migration to the new system was efficiently completed under the overall project management of B-Source and supported by Orbium, its preferred strategic implementation partner.

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. No other bank of the size of BSI Group is using a complete BPO solution on Avaloq, making it a pioneer in this area. This project is also breaking new boundaries as for the first time ever; Avaloq is running in a MESI (Multi Entity Single Instance) set up over 5 countries in 3 different time zones from Asia to the Americas.

Orbium has played a key role from the beginning of the project leading critical functional streams. Samir Gherbi, Orbium Engagement Partner, commented on Orbium’s role as main implementation partner in this important migration: ‘The BSI Go Live is clearly a very significant milestone in Avaloq history. Never before did a bank Go Live with such a complex set-up, so many business units in different countries at once and in such a short timeframe. The smooth Go Live of this project is an additional testament to our partnership with Avaloq and B-Source and our joint collaboration with BSI. Orbium is proud to have been an important partner in this success story’.

The scale of the project is remarkable considering six banks as well as their respective international subsidiaries have been migrated to the B-Source Master powered by Avaloq in the past 18 months. Orbium is pleased to have participated in the successful Go Live of all banks and to have been an important figure in a complex project of this magnitude.

As commented by 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.

Markus Gröninger, CEO of B-Source, also expressed enthusiasm for the successful BSI Group Go Live: “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.”

Stefano Coduri, Senior Executive Vice President of BSI AG, Head of Corporate Services & Banking Platform, said: “The group-wide implementation of the B-Source Master powered by Avaloq represents for BSI a significant step ahead in the progress of our IT system and in the improvement of our business processes. The new IT platform will increase operative efficiency and accelerate the time to market of new products and service, thus further improving the level of service we provide 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.”


About Orbium

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.


About 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.
www.avaloq.com


About BSI AG

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.
www.bsibank.com


About B-Source AG

B-Source is the Swiss market leader in the sourcing of back office and IT services (BPO) to private and universal banks. B-Source also provides IT Outsourcing (ITO) services to the financial, insurance and other selected industries. B-Source’s customers include banks in Switzerland and a number of other countries. All services are ISO 9001:2008 and ISO/IEC 27001:2005 certified and the company’s internal control framework is audited in accordance with the International Standard on Assurance Engagements (ISAE) 3402. B-Source works closely with its business partners the University of St. Gallen's Competence Center Sourcing, Orbium and Avaloq. B-Source's new BPO platform, the B-Source Master, is “powered by Avaloq”. Founded in 1995, B-Source has offices in Basel, Lucerne, Lugano, Nyon, St. Gallen, Winterthur, Zurich and Munich. Its data centres are located in Lugano and Zurich. The current number of employees is approximately 600, half of which are banking professionals.
www.b-source.ch 
 

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