Canada-based EQ Bank, the digital arm of Equitable Bank, has announced it is migrating its core banking system to the cloud.
The bank claims this would make it the first licenced bank in Canada to be fully hosted in a public cloud architecture. EQ Bank, which was launched as a full-service digital banking solution in 2016, said this migration will reduce overhead costs, make its system more flexible, prepare itself for innovations like open banking, and strengthen its security foundation.
EQ Bank will base its system on Temenos T24 Transact, a core banking software that is cloud-native and cloud-agnostic. Temenos’ software is built using “API-first and DevOps principles” and is available on Amazon Web Services, Microsoft Azure, and Google Cloud Platform. EQ Bank will be using Azure.
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