Archive for the ‘Banking’ Category

New Avaloq banking software successfully tested in he British Virgin Islands, Liechtenstein and Switzerland

Friday, January 16th, 2009

VP Bank Group has successfully switched its IT platform to the new Avaloq banking software system. The operations of the new banking system started during the New Year holidays, and starting with January 5, 2009 all of the Bank’s transactions are being processed via the new platform.

The migration took place without any problems, following a development phase of 18 months. The switch to the Avaloq banking system is an important milestone in the evolution and development of VP Bank, which enhances Bank’s efficiency, supports the implementation of its strategy and underscores the competitiveness of the entire VP Bank Group.

In the next months, it will be a matter of gaining experience with the new system and, if necessary, implementing optimization measures to ensure a maximum of client orientation. The implementation of the banking system in the British Virgin Islands, Liechtenstein, Switzerland and Singapore has provided know-how that will be of great importance for the introduction of Avaloq at VP Bank (Luxembourg) S.A., during the course of 2009.