A1 Bank completes major milestone in digital transformation journey with Synpulse and Avaloq

Synpulse, a leading management consultancy specializing in digital transformation in the financial services sector, has successfully implemented the Avaloq Core Platform at Vienna-based A1 Bank (formerly paybox Bank). A1 Bank is wholly owned by A1 Group, a leading Telecom-Provider in CEE. Since its founding in 2000, the bank has focused on innovative mobile commerce solutions and was one of the first banks to launch a comprehensive commercial near-field communication (NFC) offering.

This project is Synpulse’s fastest ever implementation of the Avaloq Core Platform, which the bank has deployed on the cloud in a software as a service (SaaS) model. This achievement marks a milestone in the bank’s digital transformation journey, leveraging Synpulse’s proprietary integration layer and open-source components. Synpulse’s Plug & Bank service gives A1 Bank the flexibility to expand into any business area as a licensed online bank.

With the Avaloq Core Platform, A1 Bank can operate as a digital bank in full compliance with Austria’s Financial Market Authority (FMA) and Germany’s Federal Financial Supervisory Authority (BaFin), while continuing to drive innovation in Europe’s financial sector. Avaloq’s core banking system automates and streamlines fundamental processes across A1 Bank’s front, middle and back office, including client onboarding, payments and settlement. This ensures high straight through processing (STP) and service accuracy rates to enhance the efficiency of the bank’s operations.

Michael Wilhelm, COO at A1 Bank, says: “After an extensive selection process we decided for the combination of Avaloq as standard core banking system und Synpulse as strategic partner for configuration, integration and operations and we successfully implemented with a very small core team in the bank and in a very reasonable time the target infrastructure for our growth ambitions.”

André Burger, Senior Partner at Synpulse, comments: “I am proud of my team at Synpulse. Together, we have achieved a successful and swift implementation of the Avaloq Core Platform. Plug & Bank’s scalability positions us perfectly to undertake similar projects for European banks of any size.”

Martin Büchi, Chief Technology Officer at Avaloq, adds: “This project demonstrates the flexibility of the Avaloq Core Platform, which can be seamlessly adapted to support the needs of neobanks and larger financial institutions alike. Our core banking platform provides a solid operational foundation on which A1 Bank can continue to deliver on its clients’ financial objectives. We are proud to partner with A1 Bank and Synpulse to help drive the ongoing digital transformation in finance.”

Synpulse has been an Avaloq implementation partner for more than 20 years and has repeatedly won the Avaloq award for implementation partner of the year.

About Synpulse  

Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimize the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees from 21 offices who come from over 30 countries.

For more information, visit www.synpulse.com

About Avaloq

Avaloq is a premium provider of front-to-back software and services for over 160 financial institutions around the world. Our clients include private banks, wealth managers and investment managers, as well as retail and neobanks. We develop software that can be deployed flexibly through cloud-based software as a service (SaaS) or on-premises, and we offer Banking Operations outsourcing through our business process as a service (BPaaS) model. Avaloq is a subsidiary of NEC Corporation, a global leader in the integration of IT and network technologies. www.avaloq.com

About A1 Bank AG

A1 Bank AG is the world's first bank owned by a Telecom-Provider. The bank, based in Vienna/Austria, is a 100% subsidiary of the A1 Group, a leading communications company in CEE. A1 Bank offers innovative payment services in the B2B and B2C sectors in Austria and Germany. The bank issues the A1 Mastercard as well as credit and voucher cards in collaboration with co-branding partners. www.A1.bank

About A1 Group

A1 Group, listed on the Vienna Stock Exchange, is a leading provider of digital services and communications solutions in Central and Eastern Europe with around 29 million customers, currently operating in seven countries under the brand A1: Austria, Bulgaria, Belarus, Croatia, the Republic of Serbia, Slovenia and the Republic of North Macedonia.

Offering communications, payment and entertainment services as well as integrated business solutions, A1 Group achieved revenues of 5.3 billion Euros by year end 2023. Around 18,000 employees and state of the art broadband infrastructure make digital business and lifestyle possible and enable people, companies and things to connect everywhere anytime. As European unit of América Móvil, one of the largest wireless services provider in the world, A1 Group is headquartered in Vienna and gives access to global solutions. www.A1.group

Media Contacts

Synpulse, Laura Schilliger, Communications Lead EUUS laura.schilliger@synpulse.com, +41432157718