BSI Monaco SAM becomes the first bank abroad to go live with
the B-Source Master powered by Avaloq
Lugano/Zurich, 3rd February 2011 - B-Source successfully migrated the bank BSI Monaco SAM in Monte Carlo, a 100% subsidiary of BSI SA specialized in private wealth management, to its new Business Process Outsourcing (BPO) solution, the B-Source Master powered by Avaloq.
This makes BSI Monaco SAM the first bank in Monaco to opt for the B-Source Master powered by Avaloq developed by B-Source and – in the process – to transfer to the banking software offered by Swiss market leader Avaloq. After the solution was successfully migrated on schedule at the beginning of January 2011, the bank is now covering all of its back-office activities via B-Source Master powered by Avaloq. For Avaloq, the rollout of the Avaloq Banking System marks the company's first foray into the important financial hub of Monte Carlo, while also marking an important milestone in the implementation of Avaloq and B-Source's internationalisation strategy. Following a project run-time of 18 months, BSI Monaco SAM, a bank subject to Monaco law fully controlled by BSI SA (Lugano) and that specializes in private wealth management, now benefits from one of the most reliable and cutting-edge banking solutions in the Swiss market – the Avaloq Banking System. The bank uses the advantages offered by Avaloq’s banking software in the form of an overall service package delivered by B-Source. Together with its partner Avaloq, B-Source has developed a comprehensive modelbank – known as B-Source Master – and provides a range of innovative BPO services on the basis of the Avaloq platform. The migration to the new platform was efficiently completed under the overall project management of B-Source with the support of Orbium. Alberto Mandelli, Head of Information Systems and Security of BSI SA, said: “We are very satisfied with the results of the migration of our subsidiary in Monaco, BSI Monaco SAM, onto the B-Source Master powered by Avaloq. The project was completed on time, which allowed the bank to be fully operational immediately afterwards. For BSI this represents an important milestone in the evolution of its information system while improving the bank's business processes.” Markus Gröninger, CEO of B-Source, stated: “This going-live with BSI Monaco SAM, which placed its trust in us as a pilot client, is a win-win situation for the two Swiss market leaders in the areas of BPO and banking software. BSI Monaco SAM is the first Swiss bank in the Principality of Monaco to run the Avaloq Banking System. We think that the financial centre of Monte Carlo is an interesting market for BPO services where we will be able to further expand our pioneering role, marking an important first step on the road to internationalising B-Source Master powered by Avaloq. In just 12 months five banks with a private banking arm have migrated to B-Source Master powered by Avaloq.”
Samir Gherbi, Orbium engagement partner and member of the program management, stated: “The successful going-live of BSI Monaco SAM marks a major milestone for B-Source, for its clients and for Orbium. BSI Monaco SAM is B-Source’s first international client to implement the B-Source Master powered by Avaloq. This major project proves that all companies involved have the ability to roll out joint projects of this size and complexity. It also constitutes a significant milestone for Avaloq, marking the first time it has implemented its Avaloq Banking System in Monaco and enhancing the international scope and reach of the banking system.”
Francisco Fernandez, CEO of Avaloq Evolution AG, commented: “We are pleased that the Monaco law subject subsidiary of one of the oldest and most renowned banking groups in Switzerland has opted for the Avaloq Banking System. The market launch of Avaloq in Monaco underscores that our internationalisation strategy is the correct path to achieving continual growth. We are convinced that the migration of BSI Monaco SAM to the B-Source-Master powered by Avaloq will generate some attention in these attractive markets and will offer us exciting opportunities to strengthen our presence there. The seamless adaptation of the Avaloq Banking System to the conditions and regulatory requirements of the new environment shows that Avaloq is well equipped to take on the French-speaking market.”
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 with offices in Zurich, Geneva, Luxembourg and Singapore. Orbium Business and IT consultants continuously build and upgrade clients’ systems to “competitive advantage” status.
About BSI Monaco SAM
BSI Monaco SAM is a bank subject to Monaco law and a 100% subsidiary of BSI SA, Lugano. Founded in 1987, BSI Monaco SAM specializes in wealth management and benefits from the long experience, the professional competence and the international contacts of the BSI Group. Established in Lugano (Switzerland) in 1873, BSI SA is one of the oldest banks in Switzerland and specializes in private wealth management. Since 1998 it has been entirely controlled by the Generali Group, one of the world’s most important international insurance and financial companies. 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, www.mc.bsibank.com
About Avaloq: Integrated Banking Software
The Avaloq Group is the Swiss market leader in integrated banking software solutions. The company offers private, retail and universal banks, asset managers and transaction banks an integrated and modular core banking system in the shape of the Avaloq Banking System, trusted by about 50 clients worldwide. Avaloq also offers services covering the banking software’s entire life cycle. At the Avaloq Academy, clients are trained to develop the Avaloq Banking System independently. The Avaloq Community offers over 35,000 Avaloq users, partners and employees a forum in which they can share know-how and innovations. Avaloq has a presence in Zurich and a number of other locations across Switzerland, in addition to branches in London, Luxembourg, Frankfurt, Vienna, Moscow, Singapore and Hong Kong. As part of its internationalization strategy, Avaloq is aiming to open further branches in strategically important financial markets.
www.avaloq.com
About B-Source SA
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. Its clients 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 fulfills the requirements of the SAS 70 Level II Audit report. B-Source works closely with its business partners the University of St. Gallen's Competence Center Sourcing 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 centers are located in Lugano and Zurich. The current number of employees is about 600, half of which are banking professionals.
www.b-source.ch
PR_EN_BSI-Monaco-SAM (pdf, 118.0 KB)