Avaloq, the Swiss banking software maker, and IBM are due to introduce a new cloud that has the potential to improve the security of Avaloq’s system.

Avaloq and IBM have agreed to build a so-called «Swiss Banking Cloud», according to a statement released by the companies on Tuesday. The innovation will allow banks and wealth managers to place their Avaloq processes in the IBM data cloud.

The new solution billed «Swiss Banking Cloud» will enhance security and boost innovation while improving the Avaloq offering significantly, according to the companies involved. The Swiss cloud will conform fully with regulations in the country and be ready for use by the first new Avaloq clients in the second half of 2018.

New Offices for Avaloq Staff

The migration of existing Avaloq clients will begin at the start of 2019. A further development will see the expansion of the offering to other market regions of the Zurich-based software company.

The agreement will also see Avaloq staff at the data centers in Zurich and Lugano move to offices at IBM. The two companies did not specify how many members of staff would be affected and whether Avaloq would reduce its headcount.