Switzerland to amend banking rules to become fintech-friendly

Switzerland to relax fintech rules

Switzerland’s Federal Council has issued a consultation paper on amendments required to its Banking Act and Banking Ordinance, to create an environment that helps fintech start-ups thrive in the country.

Mystery surrounds Postfinance online banking outage


Postfinance, the fifth largest retail financial institution in Switzerland, has suffered a 24-hour outage on its online banking service – and doesn’t know the exact cause. About 1.7 million customers were affected by a total loss of electronic banking on Sunday and Monday morning (8/9 January). On Monday afternoon, things were back to normal as […]

SIX Payment Services completes Swiss Post payment terminals upgrade

Swiss Post now equipped with Ingenico's "smart" payment terminals

SIX Payment Services says it has completed the enterprise-wide upgrade of payment terminals of Swiss Post four months ahead of schedule. The new “smart” payment terminals – Ingenico’s iSC250 – are “particularly good” and “among the most innovative ones on the market”, SIX says.

Arab Bank Switzerland ditches FIS/Sungard core system for Avaloq BPO

Arab Bank (Switzerland) in tech revamp

Arab Bank (Switzerland), a private bank in Geneva, has signed a long-term deal with Avaloq for the vendor’s complete business process outsourcing (BPO) services.

Swiss plan lighter regulations to seduce fintech firms

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If you reduce it, they will come. Swiss ministry officials want to entice fintech firms and boost competition with new, lighter regulations. The nation’s finance ministry says the plan is to remove barriers to market entry and offer more legal certainty for the fintech space. Ministry officials say draft legislation could be sent to Switzerland’s […]

HSBC Private Bank live with new core banking system, Avaloq Banking Suite

Avaloq gets new core banking customer in Switzerland

Global giant HSBC has deployed Avaloq’s flagship core banking solution, Avaloq Banking Suite, for its private banking operations. The system is now live in Switzerland and Luxembourg.

Axion Swiss Bank to replace legacy tech with Avaloq Banking Suite

Avaloq gets new core banking customer in Switzerland

Axion Swiss Bank, a private bank focusing on asset management and consultancy, is migrating its technology to Avaloq’s BPO centre, Avaloq Sourcing Switzerland. On the way out is ERI’s Olympic core banking system.

Hinduja Bank replaces ERI’s Olympic core system with Avaloq Banking Suite

Hinduja Bank renovates core banking software with Avaloq

Hinduja Bank in Switzerland has moved to a new core banking system, supplied by Avaloq, Banking Technology understands. Avaloq Banking Suite replaced the legacy Olympic system from rival vendor ERI. Avaloq declined to comment on the story. Hinduja Bank – part of an India-based conglomerate, Hinduja Group – was set up in the late 1970s […]

EFG and BSI to merge on Temenos’ T24, Avaloq to be ousted

EFG and BSI to unite on Temenos' T24 core banking platform; Avaloq to be ousted

With the takeover of BSI by rival EFG International, Switzerland will see the creation of the country’s fifth largest private bank. Banking Technology looks at the IT implications, and the winners and losers of the deal. EFG is buying BSI from Brazil’s troubled Grupo BTG Pactual for CHF 1.33 billion ($1.38 billion). In its turn, […]

Switzerland’s new RTGS system paves the way for ISO 20022

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Switzerland’s new real-time gross settlement (RTGS) system, SIC (SIX Interbank Clearing), is now live – opening the way for ISO 20022 usage. The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April. With SIC up and running, migration to the new […]