EQ Bank, a new pure-play digital bank in Canada, has opened its virtual doors. It is underpinned by the front-to-back office software from Temenos. The bank is using Temenos’ T24 core banking system at the back-end and Temenos Connect for digital channels at the front-end. It is also using Insight BI for business intelligence and analytics.

The solution is currently marketed as RetailSuite by Temenos.

The implementation project was carried out with the help of Deloitte. The consultancy firm also helped the EQ Bank’s parent, Equitable Bank (part of the Equitable Group), with the overall set-up of the bank, including the design and recruitment. The project was completed in 18 months.

Equitable Bank’s VP of digital banking, Dan Dickinson, states: “I am proud with what we have achieved and in such a short amount of time.”

The software is hosted by HP – a long-standing partner of Temenos in Canada – which also assisted with the implementation.

The bank opted for the Microsoft stack.

EQ Bank differentiates itself from the market by offering “a combination of seamless customer experience with transparent and value-added services”, states the vendor, which Temenos itself brands as “experience-driven banking”.

EQ Bank’s first product is Savings Plus Account.