Reichmuth & Co Privatbankiers Go Live with B-Source Master
Lugano/Zurich, 20th January 2011 - Reichmuth & Co Privatbankiers, headquartered in Lucerne, has been successfully working with the new solution for Business Process Outsourcing (BPO), B-Source Master powered by Avaloq, since January 3, 2011. It is the fourth private bank in Switzerland that has opted for B-Source Master powered by Avaloq developed by the company B-Source. After the solution was successfully migrated on time at the beginning of January 2011, the bank is now covering all of its back-office activities via B-Source Master powered by Avaloq. B-Source has been providing Reichmuth & Co Privatbankiers with BPO services since 2002, including bank specific back-office administrative processes and comprehensive IT services.
Following a project runtime of 15 months, Reichmuth & Co Privatbankiers now benefits from one of the most reliable and cutting edge banking solutions in the Swiss market - B-Source Master powered by Avaloq. The private bank uses the advantages offered by the Avaloq banking software in the form of an overall service package delivered by B-Source. B-Source has developed a comprehensive model bank together with its partner Avaloq – 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.
Christof Reichmuth, CEO of Reichmuth & Co Privatbankiers, said: "We have been using B-Source's comprehensive BPO services for many years. The new B-Source Master powered by Avaloq banking platform gives us a future-oriented solution that optimally supports our growth strategy and allows us to focus even more closely on our core activities – client business and the financial markets.” Markus Gröninger, CEO of B-Source, is delighted with the new implementation: "The migration for our longstanding client Reichmuth & Co Privatbankiers is proof that – thanks to its new BPO banking solution – B-Source can completely cover the needs of a private bank with a Swiss banking culture and a comprehensive product portfolio. The fact that the General Partners of Reichmuth & Co Privatbankiers have placed their trust in us provides us with even greater motivation to tackle future requirements and challenges in a more pro-active and innovative fashion. We look forward to welcoming further private banks to our community in the near future."
Roger Frei, partner at Orbium and member of the project management team, stated: "The successful implementation of the Avaloq-based B-Source Master platform at Reichmuth & Co Privatbankiers marks a milestone in the cooperation between customers, B-Source and Orbium. Backed by a keenly motivated andhigh-performance interdisciplinary project team, B-Source Master platform supports the integration of midsized private banks in line with their specific requirements and in a very short space of time." Francisco Fernandez, CEO of Avaloq Evolution AG, said: "The fact that the migration of Reichmuth & Co Privatbankiers to B-Source Master powered by Avaloq went off without a hitch is testament to the expertise and skill of all partners involved. The private bank Reichmuth & Co Privatbankiers is the latest innovative financial institution to join the Avaloq Community offering its clientele future-oriented investment strategies. We are proud that they are doing this with Avaloq."
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 Reichmuth & Co Privatbankiers
Reichmuth & Co Privatbankiers is the youngest private bank in Switzerland. Since it was founded in 1998 it has placed an emphasis on outsourcing, with a consistent focus on core activities. The company combines the traditions of Switzerland‘s banking culture with a forward-looking investment approach, based around the tenets of clear client identification, comprehensive advisory services and innovative solutions. The very good performance figures generated over the years are the result of its independent, future-oriented and scenario-based investment strategy. This combination has made Reichmuth & Co Privatbankiers an asset management specialist for discerning entrepreneurs and institutional clients, with assets under management of over CHF 8 billion.
www.reichmuthco.ch.
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 customers worldwide. Avaloq also offers services covering the banking software’s entire life cycle. At the Avaloq Academy,customers 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.
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.
PR_EN_Reichmuth (pdf, 115.0 KB)