Avaloq Wealth Management Banking Software Firm Joins the Ethereum Enterprise Alliance (EEA)
Avaloq is among the most significant international software service providers at the moment. The Fintech Company is also a business process service provider (BPaaS) serving many wealth managers and multiple banks. Avaloq is regarded as a leader in digital banking, digital wealth management, and core banking software. In fact, Avaloq is the world's biggest core banking BPaaS and SaaS platform with over 150 registered banks.
Currently, Avaloq handles over $ 4 trillion in assets, which are managed by their award-winning software. The company has one of the best digital user experiences backed by a tried-and-tested process. The process is responsible for registering and enabling clients to have an active status in as little as 90 days. Compared to other platforms, Avaloq is by far the most advanced thanks to a flexible modular approach.
However, to be a great software service provider, any company with such a vision needs to merge with their client’s interests. As such, Avaloq has partnered with global banking giants such as HSBC, Edmond De Rothschild, and Barclays to mention a few. With such a platform, the company can cater to anyone’s needs ranging from the average investor to their high net worth counterparts. Here is a more in-depth look at the company’s recent merger with the Enterprise Ethereum Alliance commonly known as EEA.
Avaloq recently joined the Enterprise Ethereum Alliance in a bid to increase its reach while maintaining its status as the best banking software service provider. All members of the EEA open source blockchain initiative, Avaloq will play a vital part in improving Ethereum-based technology in the banking sector. EEA guarantees the best practices as well as open-source reference, and open standards.
The company will also use its expertise to develop genius, and new banking use cases meant to leverage the Ethereum technology. Regarding the inclusion of Avaloq to the EEA, the company's CTO Thomas Beck only saw the positives features that would emanate from the merger. For starters, the vast blockchain network is a chance for Avaloq to drive innovation in the banking sector further. EEA also offers Avaloq unrivaled wealth when it comes to ideas for leveraging the technology as well as the technical know-how.
As such, Avaloq will be able to address particular, enterprise-based cases in the financial sector with multiple reference points. The blockchain network also makes it easy for Avaloq to cater to other wealth managers currently not in the banking system. Avaloq stands to gain a lot from this merger seeing EEA has over 400-member companies stretching over 40 countries across the globe. Even better, EEA not only focuses on the banking industry alone but other sectors as well such as government, healthcare, marketing, pharmaceuticals, insurance, and energy to mention a few.
Considering the EEA is a non-profit consortium, Avaloq, and the other companies on the blockchain are responsible for the introduction of Ethereum into the mainstream. Some of the companies already working with EEA include Microsoft, the Royal Banks of Canada and Scotland, Cambridge Blockchain, Rutgers University, T-Mobile, BBVA, Banco Santander, and Microsoft.
With the right infrastructure in place, Avaloq is looking will improve Ethereum’s reach in the mainstream while working with some of the most reputable naming institutions.