Millennium Banque Privée outsources OLYMPIC Banking System to Swisscom
Millennium Banque Privée has announced that it has outsourced the operation of its banking software to Swisscom in June 2020, marking a significant step for Swisscom: in addition to acquiring a private bank in Geneva as a customer, it will run an OLYMPIC Banking System for the first time.
The Millennium Banque Privée is almost a youngster among the long-established private banks in Geneva, Swisscom said in a press release. Founded in 2002 by the Portuguese Millennium BCP group, Millennium Banque Privée specialises in asset management activities for private and institutional clients.
Interaction with the bank’s customers requires a state-of-the-art platform that integrates new technologies. Millennium Banque Privée therefore decided to upgrade its OLYMPIC Banking System in 2019. Swisscom was commissioned by the bank to support the upgrade and operate the platform as an outsourcing partner.
This represents something new for Swisscom, which already operates Avaloq and Finnova platforms for around 60 Swiss retail banks as it marks the first time that Swisscom is operating the OLYMPIC Banking System for a private bank. Within the 10-month project period, Swisscom, in close collaboration with OLYMPIC Banking System’s manufacturer ERI Bancaire, successfully migrated Millennium Banque Privée to the new platform, according to the press release.
The 82 employees in Geneva have managed total assets of CHF3.5 billion on the new Swisscom-operated platform since mid-June 2020.
Robert Swalef, COO, Millennium Banque Privée, said: “Swisscom offers us the reliability, continuity and flexibility we need for our further development.”
Oliver Kutsch, Head of Banking, Swisscom, said: “We are very pleased that another progressive private bank has chosen Swisscom as its outsourcing partner, especially in French-speaking Switzerland and on the OLYMPIC Banking System. This success is the result of close cooperation between the ERI and Swisscom teams.”
Jean-Philippe Bersier, Business Development Director, ERI Bancaire, said: “The collaboration between the Millennium Banque Privée, Swisscom and ERI teams on this project was exemplary. This success confirms and strengthens the strategic cooperation between Swisscom and ERI in the private banking sector.”