EQ Bank, the digital unit of Canadian lender Equitable Bank, has transferred its core banking system to the cloud.

With more than $2.5bn in deposits, EQ Bank is the first lender in Canada to be hosted entirely in the cloud.

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EQ Bank will leverage Microsoft Azure as the cloud platform for its banking services.

The move was carried out with the support of Swiss fintech Temenos and is expected to reduce operating costs.

EQ Bank will utilise Temenos T24 Transact to expedite services and product upgrades.

Furthermore, the move will equip the lender for open banking and other banking reforms in the pipeline.

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Equitable Bank senior vice-president and chief information officer Dan Dickinson said: “Moving the EQ Bank core banking system to the cloud is an industry-leading change toward a new future of financial services.

“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.”

Temenos CEO Max Chuard said: “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.

“With Temenos T24 Transact, the market leading core banking product in the cloud we offer the bank scalability and increased business agility.”

Last month, Consolidated Bank Ghana partnered with Temenos to power its retail and corporate banking operations.