HSBC Private Bank and financial technology firm Avaloq have signed an agreement for the bank to use the Avaloq Banking Suite.

HSBC Private Bank and financial technology firm Avaloq have signed an agreement for the bank to use the Avaloq Banking Suite, starting in a number of jurisdictions before being deployed globally.

In a first step the solution will be implemented at HSBC Private Bank’s entities in Switzerland, Luxembourg, Monaco, Guernsey and Bermuda, before a wider rollout in other global entities. The Avaloq Banking Suite is a solution for financial institutions such as wealth managers, private and retail banks. The modular solution ranges from the front via the middle to the back office.

The Avaloq Banking Suite supports HSBC Private Bank in simplifying and standardising processes on a global scale and in centralising its operations where desired. HSBC Private Bank gains efficiency from a shorter time to market of new products and services, according to a statement issued by the firms.