Avaloq Expands Cloud Service With U.S. Tie-Up
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The banking software firm is adding Google to its offering of cloud services. Zurich-based Avaloq is partnering with Google Cloud, it said in a statement on Tuesday. The move means Avaloq’s bank clients can run the software on Google’s cloud computing service.
The partnership complements an initial deal between Avaloq and IBM on a Swiss-based cloud service. The area represents an area of heated competition, with Swiss operators including Swisscom and Inventx offering solutions, in addition to foreign players like Microsoft and Cognizant as well as Google and IBM.
Avaloq said the pandemic’s effect on digitization within firms spurred the move. «That includes financial services institutions, which are increasingly seeking to use critical IT infrastructure and platforms in a cloud-based environment,» Avaloq technology boss Thomas Beck said.
The partnership means banks will be able to store their data close to home, the two firms said – a key factor in adhering to data requirements in Switzerland. Google notably works with Temenos, one of Avaloq’s biggest competitors. UBS and Credit Suisse works with Microsoft while rival software firm ERI Bancaire, like Avaloq, works with IBM.
Questions & Answers
Q.Why has Avaloq decided to expand its cloud service offerings now?
Why has Avaloq decided to expand its cloud service offerings now?
Avaloq stated the pandemic significantly boosted digitisation within companies, including financial services institutions. These institutions are increasingly looking to use critical IT infrastructure and platforms in a cloud-based environment, which spurred this move.
Q.What is the primary benefit for banks using Avaloq's software through the Google Cloud partnership?
What is the primary benefit for banks using Avaloq's software through the Google Cloud partnership?
A key benefit is the ability for banks to store their data close to home. Both Avaloq and Google stated this is an important factor for financial institutions needing to adhere to specific data requirements in Switzerland.
Q.Does Avaloq have other cloud service partnerships besides Google?
Does Avaloq have other cloud service partnerships besides Google?
Yes, this new partnership with Google Cloud complements an existing deal Avaloq has with IBM. That initial agreement focuses on providing a Swiss-based cloud service for Avaloq's clients.
Q.Who are some of the other key players in the cloud computing market for financial services?
Who are some of the other key players in the cloud computing market for financial services?
The market is highly competitive, featuring Swiss operators like Swisscom and Inventx. International companies such as Microsoft, Cognizant, IBM, and Google are also significant providers in this space.
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