Avaloq vs FIS: Exploring Alternatives for Core Banking

Before diving into a comparison of Avaloq and FIS, it’s worth exploring a broader set of options in today’s evolving core banking landscape. If you’re seeking a wider perspective on available solutions, start with our Top Core Banking Software List.

As financial institutions modernise their infrastructure, many find themselves comparing Avaloq and FIS – two longstanding players in the core banking technology market. But for many mid-size banks, fintech startups, and non-financial enterprises expanding into embedded finance, the question isn’t just Avaloq vs FIS, but whether there are better-fit alternatives tailored to faster deployment, ownership, and cost-efficiency.

In this article, we’ll explore the strengths and limitations of Avaloq and FIS – and introduce SDK.finance as a flexible, API-first alternative built for today’s digital finance demands.

Avaloq: Core Banking for Private and Retail Banking

Avaloq’s core banking platform used by LGT, Deutsche Bank, and Barclays, among many others, offers optimized efficiency and future-proofed software. With more than 70 modules and digital solutions, the highly modular platform can be seamlessly integrated and scaled to best match the needs of a client.

Avaloq is widely used in private banking and wealth management, known for its deep functionality and Swiss pedigree in compliance and data security. Its platform offers core banking, digital banking, and wealth solutions. The platform excels at reducing redundancies and streamlining back-office operations, so staff can focus on high-value tasks while clients receive superior digital service.

Strengths:

• Strong focus on wealth and private banking

• Integrated core and digital banking suite

• Backed by NEC, providing enterprise-grade infrastructure

Limitations:

• Costly implementation and long project cycles

• Customisation often tied to Avaloq’s proprietary ecosystem

• Primarily suitable for larger banks with complex requirements

FIS: Legacy Strength Meets Financial Services Scale

FIS (Fidelity National Information Services) serves a broad market, with solutions spanning core banking, card processing, payments, and risk management. It is best known for scale and resilience across financial verticals.

FIS helps banking institutions of all sizes to implement a fully integrated core banking system or complement legacy infrastructure with critical components. The cloud-native banking platform was designed with API-first functionality that allows banks to lower costs, reduce IT burden, manage regulatory demands, and easily launch new products.

FIS offers modern design, personalized products and services, and low fees to attract and bring customers in. With the FIS core, banks can meet rising consumer expectations and become more agile while staying on top of regulatory changes.

Strengths:

• Comprehensive product suite (core, cards, lending, fraud)

• Proven track record in high-volume environments

• Global presence and support infrastructure

Limitations:

• Legacy system complexity makes integration and flexibility harder

• Difficult for fast-moving fintechs or smaller banks to adapt quickly

• Tends to suit institutions with multi-year digital transformation budgets

SDK.finance: Modern Alternative with Full Ownership and Flexibility

Image source: SDK.finance core banking frontend interfaces

Why SDK.finance Is Worth Considering?

SDK.finance offers a white-label FinTech Platform designed for institutions seeking agility without compromising performance. Built on a modular, API-first architecture, it enables fast launches of banking and payment solutions—ranging from digital wallets and neobanks to merchant payment platforms.

Key Differentiators:

• Source Code License available for complete product ownership and modification—ideal for teams looking to build proprietary systems without vendor lock-in.

• PaaS Subscription Model for faster time-to-market with reduced upfront costs.

• Scalable performance: handles 2,700+ TPS and up to 233 million daily transactions.

• Ledger-based architecture for multi-asset support: fiat, crypto, loyalty, or custom-defined units.

• Built-in support for KYC/AML, multi-currency wallets, real-time transactions, role-based permissions, and merchant services.

• PCI DSS Level 1 compliant; includes over 470+ RESTful APIs for easy third-party integration.

Ideal for:

• FinTechs launching new products

• Enterprises embedding finance into existing ecosystems

• Banks modernising legacy systems in a phased manner

• Super apps integrating digital payments, ride-hailing, delivery, etc.

Feature Comparison Table

Feature / Vendor	SDK.finance	Avaloq	FIS
Customisation level	High (source code or PaaS)	Medium (within ecosystem)	Low to medium
Deployment options	Cloud/Source code with full access	On-prem / Cloud	On-prem / Cloud
Speed to market	3–6 months	12–24 months typical	12+ months
Target customers	FinTechs, banks, non-banks	Private & retail banks	Large banks, FIs
Licensing model	PaaS or one-time source code purchase	Subscription	Subscription
Pre-integrated vendors	Multiple PSPs, KYC, card issuers, crypto	Limited	Extensive but locked-in
Transaction throughput	High	High	High
Real-time processing	✓ Yes	✓ Yes	✓ Yes
Multi-asset support	✓ Fiat, crypto, loyalty, custom assets	Limited	Moderate
Other selling products	Core banking, digital wallets, neobank, crypto-to-fiat apps, merchant payment processing, super apps, embedded finance, transaction processing	Wealth management, core banking	Core banking, card issuing, fraud prevention, lending