Canada's EQ Bank moves core banking system to the cloud

Canada's EQ Bank moves core banking system to the cloud

EQ Bank, the digital arm of Canada's Equitable Bank, has moved its entire core banking system to the cloud.

Launched in 2016, EQ Bank has surpassed $2.5 billion in deposits, offering consumers high interest savings and an optional checking account.

The challenger brand says the shift of its architecture to Microsoft Azure will reduce overheads and ready the bank for up-an-coming innovations in open Banking.

The move is supported by long-term technology partner Temenos and will utilise the Swiss supplier's cloud-native T24 Transact product.

“We challenge ourselves to innovate every day, which is why we’ve built our digital infrastructures not only to provide state-of-the-art digital experiences for today but also in anticipation of open banking,” says Andrew Moor, president and CEO of Equitable Bank. “Open banking will transform and modernise our industry enormously, benefitting consumers, businesses, and the economy alike. Innovation is in EQ Bank’s DNA, and our recent move to the cloud means we’re not only ready for the future of banking in Canada, we’re driving it.”

Comments: (1)

A Finextra member
A Finextra member 25 November, 2019, 08:51Be the first to give this comment the thumbs up 0 likes

Is the bank aware of that foreign governments may legally access all their bank data in the cloud in cases where the physical servers are placed in different countries outside Canada, depending on the legislation of the server host country? Such access by a foreign power could be used for intelligence purposes among others. Is a cloud service a new opportunity for future cyber warfare - wreck the banking system in another country?