Engine by Starling has announced plans to roll out its core banking platform for Canadian direct bank Tangerine as part of a 10-year agreement.

With the move, Tangerine becomes Engine's first North American customer after the British company announced the opening of offices in New York and Toronto earlier this year, with the agreement described by the bank as the “largest to date” for its software-as-a-service (SaaS) arm.

Tangerine is a wholly owned subsidiary of Scotiabank, one of the largest banks in Canada, with assets of approximately $1.4 trillion.

The new banking system will be available to Tangerine’s two million customers in the country.

The move follows similar deals with Salt Bank in Romania and AMP Bank GO in Australia.

Engine's SaaS platform will enable Tangerine's customers to enjoy improved digital onboarding, current accounts, instant access savings, overdrafts, debit cards and smart money management features such as card controls and spending analytics, delivered through an intuitive mobile app.

In addition, the end-to-end platform is designed to provide a simplified view of accounts and consolidate the functionality and support tools Tangerine needs to reduce operating costs and complexity for employees.

Tangerine will be supported by a dedicated Engine team based in Toronto, comprising product, delivery and technical specialists, who will work together to deliver a revamped suite of digital capabilities and services.

Commenting on the partnership, Sam Everington, chief executive of Engine by Starling, said: “This agreement with Tangerine is a major milestone and the largest deal we have signed to date, showing just how scalable and adaptable Engine is."

Terri-Lee Weeks, president and chief executive of Tangerine, said that its new core banking system aims to provide an end-to-end platform on which the bank can innovate quickly and continuously.

“This will reduce the time-to-market for new products and features and delivering world-class experiences for our clients – all while staying true to the client-first design that Tangerine is known for in Canada,” he added.

The move comes after Engine by Starling launched its first overseas subsidiary in the US earlier this year.

The subsidiary will act as a platform from which the company can expand in North America.

---