Sberbank Switzerland outsources core to Avaloq – FinTech Futures

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Avaloq gains new live site in Switzerland

Sberbank (Switzerland) AG, a Zurich-based subsidiary of Russian banking and tech giant Sber, has gone live with Avaloq’s Software-as-a-Service (SaaS) core banking platform.

Avaloq says it won the deal to provide Sberbank with its tech “after a highly competitive tender process”. The implementation and migration took ten months.

It is understood the new system has replaced the legacy OBS solution from German vendor Die Software Peter Fitzon.

“Sberbank has long prioritised digital excellence as a core means to enhance competitiveness, cater for fast-changing customer needs and capitalise quickly on growth opportunities,” says Annett Viehweg, CEO of Sberbank (Switzerland) AG.

The bank provides a range of corporate client and financial-market services that include trade finance, structured finance, transaction banking and global market products. It is the hub of Sber’s commodity trade finance for international commodity traders and producers.

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