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OakNorth is laying claim to being the first UK bank to have its core system fully hosted on the cloud. The challenger bank, which launched last year to provide loans to fast growth businesses and entrepreneurs, partnered with Amazon Web Services (AWS) to drive this forward with the UK regulator. The Financial Conduct Authority (FCA) paved the way for projects like this when it unveiled proposed guidelines last year, allowing FS firms to use the cloud, with certain safeguards in place.

OakNorth CEO and co-founder, Rishi Khosla, says: “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.”

“We are delighted to have worked with OakNorth to adopt the AWS cloud,” comments Gavin Jackson, AWS Country Leader, Amazon Web Services UK Limited. “This demonstrates to customers that even highly regulated industries are entrusting their critical systems to AWS and are benefitting from the flexibility, agility and security of cloud computing to deliver innovative services to customers.”

By Scott Thompson

 

 

 

 

 

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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