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Avaloq launches OpenWealth standard at LGT

Monday 24 June 2024 11:07 CET | News

Liechtenstein-based LGT has adopted the OpenWealth API standard in partnership with Avaloq and Synpulse8, to improve its business with financial intermediaries.  

 

According to the announcement, the entities 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 international private bank of the Princely House of Liechtenstein, acts as a custodian bank, offering tailored investment solutions, personalised advice, and quick order processing for financial intermediaries, including independent asset managers, multi-family offices, and fund companies. 

Liechtenstein-based LGT has adopted the OpenWealth API standard in partnership with Avaloq and Synpulse8, to improve its business with financial intermediaries.

The announcement highlights that Avaloq has been supporting LGT with its versatile Avaloq Core Platform for about 20 years, and this latest joint creation is an important milestone in the two companies' cooperation. 

OpenWealth, a technology and integration expert, has been 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. 

Statements from the companies regarding the launch and partnership 

Officials from LGT Bank AG commented that OpenWealth will strengthen its relationships with independent asset managers, family offices and trustees, and support its ambitions as a forward-looking custody bank. The standardised solution will ensure that its partners have access to the latest data to better serve their clients. 

An Avaloq official stated that the partnership with LGT has continued to grow as it supports the bank’s long-term growth with a scalable core banking system and web banking platform. With this latest joint innovation, LGT aims to take a leading role in helping to create a more interconnected financial marketplace while enhancing the value that financial intermediaries deliver for their investors. Furthermore, due to Synpulse8’s standard adapter, the entire Avaloq community can now integrate OpenWealth into their core banking systems for improved data exchange with their network of financial intermediaries.  

Source: Link


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Keywords: financial services, partnership, banking, data sharing
Categories: Banking & Fintech
Companies: Avaloq
Countries: Liechtenstein
This article is part of category

Banking & Fintech

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Avaloq

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