Crestone, a business formed out of UBS Wealth Management Australia, has implemented Avaloq Banking Suite as its new core banking system.
The technology vendor said that Crestone uses the Avaloq Banking Suite’s fully integrated back, middle and front office banking functionalities combined with customised business solutions.
Crestone, which recently concluded the acquisition of UBS Wealth Management Australia, signed the deal to implement Avaloq Banking Suite to support its business growth plans in December last year.
Crestone CEO Mike Chisholm said: "From the beginning, Avaloq’s innovative and scalable technology was a perfect fit for Crestone. We did a thorough review of the market before deciding on Avaloq as the best multi-asset, multi-currency front to back office advisory solution in the Australian market.
"Technology is such an integral part of wealth management and its importance is only going to increase. The appeal of working with Avaloq is its ability to support a genuine global investment universe. It is future ready technology and its commitment to continued development of the IT software."
Avaloq general manager of Asia Pacific Peter Scott added: "Crestone was one of the first users of a next generation model bank solution based on the Avaloq Banking Standards, which delivered excellent results, reducing implementation time to under nine months. We welcome Crestone to the Avaloq community and look forward to future growth in the Australasian wealth market."