Launched in 2016, EQ Bank has surpassed $2.5 billion in deposits, offering consumers high interest savings and an optional checking account.

The challenger brand says the shift of its architecture to Microsoft Azure will reduce overheads and ready the bank for up-an-coming innovations in open Banking.

The move is supported by long-term technology partner Temenos and will utilise the Swiss supplier's cloud-native T24 Transact product.

“We challenge ourselves to innovate every day, which is why we’ve built our digital infrastructures not only to provide state-of-the-art digital experiences for today but also in anticipation of open banking,” says Andrew Moor, president and CEO of Equitable Bank. “Open banking will transform and modernise our industry enormously, benefitting consumers, businesses, and the economy alike. Innovation is in EQ Bank’s DNA, and our recent move to the cloud means we’re not only ready for the future of banking in Canada, we’re driving it.”