EQ Bank Becomes The First Canadian Bank To Move Its Core Banking System To The Cloud

Today, EQ Bank, the digital arm of Canada’s Challenger Bank™ Equitable Bank announced it has moved its entire core banking system to the cloud, making it the first bank in Canada to be fully hosted in state-of-the-art public cloud architecture.

A leader in digital banking, EQ Bank continues to win over Canadians by challenging the status quo. From completely digital branchless services to a high-interest savings account with the added features of a chequing account, EQ Bank is redefining banking in Canada. EQ Bank will now utilize Microsoft Azure as the cloud platform for its banking services. This latest move will continue to build a better banking experience for customers by:

  • Reducing overhead costs and allowing savings to be passed on to customers
  • Creating a more agile system based on Temenos T24 Transact, the next generation in core banking that enables faster upgrades to products and services
  • Preparing a system that’s ready for the next banking innovations, such as open banking
  • Further strengthening our security foundation by building on Microsoft Azure

In 2016, EQ Bank became the first banking platform in Canada born in the mobile world. In just over three years, EQ Bank surpassed $2.5 billion in deposits, faster than any previous branchless banks in Canada. As a digital-first bank, EQ Bank is also readying itself for profound changes in the Canadian financial industry, such as open banking.

EQ Bank is supported by Temenos, a leader in banking software and its long-term technology partner.

Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank. Equitable Bank, Canada’s Challenger BankTM, has grown to become the country’s ninth largest independent Schedule I bank through its proven branchless approach and customer service focus in providing residential lending, commercial lending and savings solutions to Canadians. EQ Bank, the digital banking platform offered by Equitable Bank, provides state-of-the-art digital banking services. The EQ Bank Savings Plus Account reimagines banking for Canadians by offering the functionality of a chequing account to perform daily banking with ease, as well as a great everyday interest rate to help transactional balances grow into bigger savings. From unlimited Interac® e-Transfers and bill payments to payroll deposits and no monthly fees, everyday banking is now a richer prospect for Canadians. Equitable Bank employs over 800 dedicated professionals across the country. For more information about Equitable Bank and its products, please visit equitablebank.ca.

 

 

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