British challenger bank OakNorth has moved its entire core system onto the cloud by using Amazon Web Services (AWS).
The bank has been working alongside AWS and the Financial Conduct Authority (FCA) for six months regarding policies on data access, data protection, business continuity, and security offered by cloud infrastructure.
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According to OakNorth CEO and co-founder Rishi Khosla, the transition to cloud will help the bank scale up more effectively.
Khosla said: ""Having our core banking system based in the cloud is an important milestone for us and for the banking industry in the UK. This achievement will enable us to continue scaling the business safely and efficiently.
"The Financial Conduct Authority (FCA) proposed new guidance on cloud and other IT outsourcing last November in order to promote innovation and competition in the sector. This development is proof of the regulator’s willingness to do that and will open up the opportunity for other financial institutions to follow suit."
Launched in 2015, OakNorth offers loans ranging in size from £1m to £15m to entrepreneurs and fast-growth businesses. The bank has also secured the regulatory go-ahead to accept deposits and provide savings products.
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