OakNorth has become the first cloud-based bank in the UK after working with Amazon Web Services to drive the development forward along with the Financial Conduct Authority (FCA). The organisations have worked together for the last six months on policies such as access to data, business continuity, data protection and security provided by cloud systems.
The challenger bank, which provides loans of between £1 million and £15 million to entrepreneurs and fast growth businesses, completed its migration to the cloud just eight months after launching. Since it began deposit taking and lending in September, it has lent over £120 million across a variety of sectors.
Rishi Khosla, CEO and co-founder of OakNorth, noted: “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 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.”
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