27 Jun 2023
Capital Union Bank launches new online banking (eBanking) platform and deepens partnership with Avaloq to enhance core platform

Bahamas-based Capital Union Bank has gone live with Avaloq’s Web Banking and is upgrading its core banking system with new modules and features based on joint innovation with Avaloq, a leading provider of wealth management technology. The new web banking (eBanking) solution will further improve client interaction and engagement while the enhanced Avaloq Core Platform will support the bank’s continued growth and the seamless roll-out of innovative products and services.

Capital Union Bank (“CUB”) is a pioneering financial institution headquartered in The Bahamas, providing bespoke execution, custody and lending services to institutional investors, financial intermediaries and (ultra) high net worth individuals across the world. The bank has experienced strong growth in total assets each year since its founding, driven in part by its successful Capital Markets and Wealth Management business. Capital Union Bank first deployed the Avaloq Core Platform in a software as a service (SaaS) model in 2014, and since then has also entrusted Avaloq with the management of its back-office processes based on Avaloq’s highly automated Banking Operations offering.

As part of its renewed partnership with Avaloq, Capital Union Bank has launched a new web banking solution which offers its clients an intuitive interface for online banking, with a near real-time overview of portfolio positions. The new web banking solution allows for more frequent communication between relationship management teams and their clients, with push notifications, for faster approvals. Avaloq’s Web Banking gives banks and wealth managers the option to offer their clients an optimized digital banking experience, with customizable dashboards and over 100 self-service features, such as document management, voluntary corporate action decisions and digital signatures.  

The Avaloq Core Platform automates and standardizes workflows and enables financial institutions to offer a full spectrum of investment products of any complexity. Through joint innovation, Avaloq and Capital Union Bank have further enhanced the capabilities of core banking system. These enhancements include dedicated modules to enable highly automated, robust compliance processes, including know-your-client (KYC) checks, support for complex investment products such as over-the-counter forex, contract-for-difference (CFD) derivatives, and the bank’s new digital assets offering. And thanks to Avaloq’s Banking Operations in a business process as a service (BPaaS) model, Capital Union Bank benefits from straight-through processing (STP) rates of up to 99% and high service accuracy for payments, securities and fund processing.

Patrick Zbinden, Chief Executive Officer at Capital Union Bank, said: “As we celebrate nearly ten years with Avaloq, we are delighted to offer our clients access to the latest version of Avaloq’s web banking solution so that they have even more control over their assets. Our clients benefit from our unique gateway to financial markets and an ever-expanding investment universe supported by our strong core banking system, which we are constantly optimizing. I am delighted that Avaloq has the expertise and cutting-edge technology to support us in meeting the needs of our discerning clientele, and I look forward to continuing our strong partnership and joint innovation activities for many years to come.”

Thomas Beck, Co-Chief Executive Officer at Avaloq, said: “We are firmly committed to innovation to create a more integrated banking experience and to accompanying Capital Union Bank on its digitalization journey. By automating end-to-end processes, from order entry to reporting, while enhancing client engagement channels, we will continue to support the long-term business growth of Capital Union Bank globally. As a leader in wealth management technology, Avaloq invests substantially in R&D and engages in joint innovation to keep our clients ahead of the curve. At the same time, we constantly monitor the market for regulatory updates so that our clients are always compliant. We are proud to work closely with a digital pioneer such as Capital Union Bank.”