Swiss technology firm Avaloq has extended its partnership with compliance firm Actico in a deal that will embed its services into Avaloq’s systems.
Actico’s Compliance Suite will be embedded as standard in Avaloq systems
The two firms are integrating Actico’s Compliance Suite offering into the solutions Avaloq offers to both banks and wealth managers.
Compliance Suite will become a standardised solution for Avaloq clients to use to prevent financial crime.
Martin Greweldinger, Avaloq group chief product officer, says that the expansion of the partnership exemplifies the importance the which his firm attaches to “the basic principle of open platform architecture.”
He adds: “It enables us to quickly add innovative external solutions to our own comprehensive range of products and services in order to provide our banking clients with the best possible offering at all times.”
Avaloq completed its acquisition of fellow Swiss firm Derivative Partners, which provides market information and research for clients in Europe, last November.
It might not be long until Avaloq itself is the subject of a sale, with major stakeholder Warburg Pincus seeking an exit from the firm and a sale of its 45% share.
Related: 900 Raiffeisen bank sites live on Avaloq Banking Suite