Deutsche Bank Luxembourg has deployed Swiss technology company Avaloq’s core banking system to create a new, single cash ledger for its numerous business lines.

Dubbed Avaloq Banking Suite, the new technology platform allows the bank to provide a comprehensive range of services to clients while decreasing complexity, risks, costs, and supporting future growth.

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The development comes after Deutsche Bank Luxembourg and key affiliate entities of the Deutsche Bank Group in Luxembourg decided to operate from one cash ledger for all of its businesses, to achieve consistency and efficiency.

Subsequently, relevant banking divisions and entities migrated from its legacy core banking system to the Avaloq IT platform.

Deutsche Bank Luxembourg CEO Frank Krings said: “The Avaloq Banking Suite provides the client and user experience as well as the agility, efficiency and technological edge that Deutsche Bank has been looking for in order to take the bank to the next level of client service while enhancing our ability to innovate.”

Avaloq Group CEO Jürg Hunziker said: “We are delighted about the going live of Deutsche Bank Luxembourg, and we are excited by the new opportunities that the institution will be able to capitalise on in the competitive wealth management sector.”

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Among others functions, Deutsche Bank Luxembourg acts as Deutsche Bank Group’s syndicated and bilateral lending centre for clients of the corporate and investment bank and as the EU service hub for the group’s international wealth management business.