Yahoo Finanzas Avaloq launches OpenWealth standard at LGT
To improve its business with financial intermediaries, Liechtenstein-based LGT adopted the OpenWealth API standard in partnership with Avaloq and Synpulse8. They will have instant entry to LGT's investment positions and transaction data due to the new solution, which has an easy-to-use single interface and uniform data quality.
LGT, the Princely House of Liechtenstein's international private bank, serves as a custodian bank, providing tailored investment solutions, personalised advice, and quick order processing to financial intermediaries such as independent asset managers, multi-family offices, and fund companies.
Avaloq has been supporting LGT with its versatile Avaloq Core Platform for about 20 years, and this latest joint creation is a significant milestone in the two companies' long-term cooperation.
OpenWealth, a technology and integration expert, has been successfully integrated by LGT and Avaloq, guaranteeing consistent communication between LGT and financial intermediaries.
Moreover, this lowers operational risks and makes it possible to update data more accurately by giving access to investment positions and transaction data in almost real-time.
Markus Werner, member of the executive board at LGT Bank AG, said: “OpenWealth will strengthen our relationships with independent asset managers, family offices and trustees and support our ambitions as a forward-looking custody bank. The standardised solution will ensure that our partners have access to the latest data to better serve their clients. We look forward to strengthening our long-term partnership with Avaloq in the coming years and to continuing our joint development activities for enhanced connectivity with financial intermediaries globally.”
Martin Büchi, chief technology officer at Avaloq, added: “For nearly 20 years, our partnership with LGT has continued to thrive as we support the bank’s long-term growth with our highly scalable core banking system as well as our web banking platform. With this latest joint innovation, LGT is taking a leading role in helping to create a more interconnected financial marketplace while enhancing the value that financial intermediaries deliver for their investors. Thanks to Synpulse8’s standard adapter, the entire Avaloq community can now seamlessly integrate OpenWealth into their core banking systems for improved data exchange with their network of financial intermediaries. We are proud of our track record in open banking and innovation, which underpins our mission to orchestrate the financial ecosystem and democratize access to wealth management.”
"Avaloq launches OpenWealth standard at LGT" was originally created and published by Private Banker International, a GlobalData owned brand.
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