EQ Bank completes cloud-based Temenos core banking project
EQ Bank, the direct banking subsidiary of Canada’s Equitable Bank, has completed the move of its Temenos core banking system into the cloud.
The digital bank utilises Microsoft’s Azure cloud platform, using software hosted by HP. The initial implementation of Temenos’ T24 system was completed in 18 months.
“Moving the EQ Bank core banking system to the cloud is an industry-leading change toward a new future of financial services,” says Dan Dickinson, senior vice president and CIO of Equitable Bank.
“As we’ve always done with EQ Bank, we’re delivering better, safer, easier and more intuitive ways to bank in Canada. We are leaving behind the traditional industry approaches of armchair technologies to innovate faster and serve Canadians better, right now.”
Max Chuard, CEO at Temenos, adds: “We see strong momentum in digital transformation with North American banks and we are proud to partner with EQ Bank, one of the most innovative banks in Canada.”
“With our cloud-native, cloud-agnostic and advanced open API technology we are future-proofing EQ Bank’s IT architecture and enabling the bank to drastically reduce IT operational costs and transformation time.”
Launched in January 2016, EQ Bank’s primary product consists of a high interest and no-fee savings account. It reported $2 billion in deposits and 60,000 customers in 2018, and now claims to have passed the $2.5 billion mark.