NORD/LB Luxembourg is now Live with the Avaloq Banking System
NORD/LB Luxembourg successfully went live with the Avaloq Banking System. […]
October 31, 2012
NORD/LB Luxembourg successfully went live with the Avaloq Banking System. The ambitious two year project was a joint initiative between NORD/LB Luxembourg, Avaloq and Orbium. The bank selected Avaloq as strategic partner to support its growing business in Private Banking as well as in International Loans and Financial Markets Business.
Since the going live, NORD/LB Luxembourg and its 180 staff have been using the Avaloq Banking System to manage most of its daily activities. The introduction of the Avaloq Banking System, the reference for integrated banking software, has enabled NORD/LB Luxembourg to reduce the complexity of its IT system landscape while enhancing its overall efficiency. More than ten applications have been replaced by the Avaloq Banking System bringing an integrated Front-to-Back approach to all business processes and a highly increased overall STP rate. The overall project was led by Orbium AG, Avaloq Premium Implementation Partner.
NORD/LB Luxembourg equiped for the future
NORD/LB Luxembourg, one of the largest German euro banks located in Luxembourg, is mainly active in Private Banking, Corporate loans and Financial Markets but also owns a subsidiary focusing on Covered Finance (NORD/LB Covered Finance Bank S.A.). In that respect, the multi-entity concept offered by Avaloq and its ability to manage both banks on one single platform was definitely an important criterion for NORD/LB Luxembourg. The wide and integrated functional coverage of the system as well as the clear innovation strategy of the company were the final drivers in the bank’s decision to choose the system.
Christian Veit, Deputy Chairman and Chief Financial-/Risk-/Operations Officer underlines the utmost significance of the project within the banks strategy. “To optimise our client services, we cut time to market and reduce costs of future Change The Bank – processes. CTB costs are of enormous relevance in a very regulatory driven industry”. Frank Seeberger, Principal Project Manager at NORD/LB Luxembourg said: “We have successfully integrated Avaloq Banking System in our IT system landscape and went a further step towards a lean and modern IT architecture. We were in time and in budget. This puts us in a position to take advantage of more synergies and further strengthen our position for future challenges. The implementation is the result of the outstanding efforts of the entire Bank and particularly in collaboration with our partners Avaloq and Orbium”.
7th reference for the Avaloq Banking System in Luxembourg
“We are very happy and proud to welcome NORD/LB Luxembourg to our global and local customer community, becoming the 7th bank to roll-out the Avaloq Banking System in Luxembourg” says Frédéric Kemp (picture), Avaloq Managing Director BENELUX.
“This successful going live demonstrates not only our ability to deliver what we promise but also strengthens even more Avaloq’s functional coverage in the area of corporate banking in which NORD/LB Luxembourg is quite active”. “Such an achievement would not have been possible without the full support of NORD/LB Luxembourg’s top management as well as Orbium’s dedicated teams”
Orbium is proud to have played an important role in the project’s completion on time and on budget. Roger Frei, Orbium Partner credits team work for the successful outcome: ’The positive and timely delivery of this project was particularly satisfactory, because it was the direct outcome of the fruitful, efficient and productive collaboration between NORD/LB Luxembourg, Avaloq and Orbium. Such strong partnerships result in the best and most gratifying results for all parties involved.’