Avaloq has long recognized these pressing imperatives for banks and wealth managers. For several years, it has been working to a strategy that ensures continuing support for on-premises deployments while offering clients an easy path to begin their migration to cloud.
This approach includes two fundamental components. The first, covered in detail in our architecture roadmap, has been to embark on re-architecting the Avaloq Banking Suite to anticipate the move from today’s cloud-enabled technology to tomorrow’s cloud-native technology. To achieve this, Avaloq has created a new microservices-based architecture that utilizes state-of-the art technology, i.e. Docker containers orchestrated using Kubernetes (RedHat OpenShift). This new architecture has allowed us to introduce new capabilities, such as goal-based wealth management, while ensuring that existing functionality can be migrated over time.
The second component is a commitment to create products that are equivalent across different deployment methods and are fully cloud-platform agnostic. Our new cloud platform – the Avaloq Financial Cloud – has been co-developed with IBM over the last two years, creating a future-proof design that can support public, private and hybrid cloud options across core cloud providers. This platform is built around a software-defined data centre (SDDC) concept and is designed to offer assured levels of service, security and regulatory compliance with FINMA, MAS and other relevant market regulators. It will be extended over time with the Avaloq expertise of more than 15 years in this domain. It supports high levels of automation, enabling agile businesses to scale and re-size their services rapidly in response to new demands and client opportunities. This partnership allows Avaloq to provide global services and establish a global hub-spoke model for delivering its services closer to our clients.
The keys to cloud platform agnosticism are the use of VMware Cloud Foundation and the use of standardized interfaces (API) to manage, control and deploy applications across clouds and to support workloads shared across different elements of cloud infrastructure. This industry-standard approach can be deployed quickly and easily anywhere in the world to provide the infrastructure needed to support a bank’s growth plans and initiatives. Integrating the SDDC approach with state-of-the-art technology and services allows Avaloq to assure very high availability levels, backed up by disaster recovery capabilities that utilize redundant data centres with synchronous storage replication and the ability to provide zero data loss.
This approach means that Avaloq can assume end-to-end responsibility for a bank’s services, delivering great performance (e.g. utilizing full flash storage, running on the latest hardware) with clearly defined SLAs that guarantee systems will be available, compliant, stable and secure (including integrated security information and event management (SIEM), a host-based intrusion prevention system (HIPS) and database encryption).
Over and above running Avaloq’s software, the platform provides a long list of integrated services, including automation and orchestration, operation, maintenance and support of applications, change and release management, monitoring and management of the network and infrastructure, business continuity management, security, identity and access management, data encryption, log management, service desk support, segregation options for client data (offering assured storage in defined jurisdictions) and support for regulatory evolution.
Avaloq believes that attempting to deploy a mission-critical cloud application without this full set of integrated services around it is like trying to build a car that has a powerful engine but no chassis, gearbox, wheels or seats. Without the full kit of parts, it simply won’t get you anywhere.