Avaloq opens up banking with fintech-friendly platform
ANALYSIS:
Avaloq’s collaborative platform, avaloq.one makes strong use of APIs to create an open marketplace where fintechs can easily integrate with financial institutions
Despite Swiss banking’s reputation for closed and heavily-guarded systems, avaloq.one extends an open hand to startups
With a bulk of innovation in financial services coming from London, where open banking is stronger, Switzerland finds itself playing catch-up.
The new platform will position Avaloq as an intermediary between fintechs (whom banks may not trust) and financial institutions who don’t want to fall behind the innovation curve.
Global fintech leader Avaloq has launched avaloq.one, a collaborative platform for the financial services industry. Swiss start-ups like vlot and Wealthinitiative are already on the marketplace.
Avaloq.one aims to significantly speed up and streamline implementation for all parties through standardised Open Application Program Interfaces (APIs). Fintech benefit from a partnership with the ability to self-onboard to the platform, self-integrate with Open APIs, and from the avaloq.one sandbox capabilities. In addition, participating fintechs only need to integrate their solution to the Avaloq Banking Suite once to engage with Avaloq’s clients.
Back in 2015, Avaloq started already its software exchange. Avaloq.one will now be launched at Fintech Tuesday in Zurich tonight, a new event format where banks, fintechs and the Avaloq team meet.
For banks and wealth managers, avaloq.one allows access to greater innovation, and they will remain competitive by choosing from a selection of fintech applications pre-integrated to Avaloq’s Banking Suite in one place. Avaloq will continuously screen the market and validate fintech solutions and the company behind it as it looks to build an ecosystem of the world’s ‘fintech finest’ that institutions can trust.
Oliver Berchtold, Co-Founder of the German-Swiss fintech start-up YUKKA Lab, said: “Being part of the avaloq.one ecosystem is a significant development for our firm. The platform gives us access to some of the world’s leading financial institutions and is an excellent opportunity to better connect with financial institutions and drive innovation across the industry. Avaloq has been highly supportive of our business, helping test our solutions and will be boosting our global reach. We have integrated once and can now reach over 150 financial institutions and millions of their clients worldwide.”
This article originally appeared on Startupticker.