As finews has learned, key cloud systems belonging to Avaloq failed at around 1:30 pm on Wednesday.

Despite repeated emails from the banking software provider promising clients an imminent fix, no solution had been found as of Wednesday evening.

«Like Thirty Years Ago»

The problems reportedly did not affect Avaloq's core banking systems, which run locally at client sites, but rather some «software as a service (SaaS)» offerings, for instance in trading. «We're placing our orders with brokers by phone, like thirty years ago,» one affected client told finews.

The disruption originated from a hardware problem of a third-party provider in the data center.

Avaloq is a leading banking software provider that primarily serves private banks.

On Thursday morning, Avaloq confirmed to finews that a number of clients had experienced a disruption. The underlying cause has since been identified, the company said, and its teams «successfully implemented the necessary measures to restore services». Avaloq added that it was now supporting clients in returning to normal operations and ensuring stable service.

Shortly before 10 am, the company said most functions had already been restored the previous evening, adding that everything was now working normally again.

Ongoing Validation Measures

«Our teams continue to carry out validation measures and enhanced monitoring to ensure continued stability,» Avaloq said.

The company said it would conduct a comprehensive investigation into the incident together with its infrastructure partner, and that measures were being taken to reduce the risk of a repeat disruption as much as possible.