We recently secured two significant contracts, signing a $1million annualised contract with a global financial markets technology provider, and a £1.1million contract over three years with a cloud-based payments solution provider.
Beeks will be providing the technology provider with a global deployment of private cloud infrastructure, and will be the preferred cloud vendor for on-demand infrastructure provision globally, to complement the customer’s existing secure, high-performance data and voice communications solutions delivered to the global financial markets. The SaaS-based contract will commence in January 2020 and is committed to grow to a run rate of $1million annually, with potential for further expansion thereafter.
Our contract with the cloud-based payments solution provider will begin implementation in the New Year, looking to be completed in the first half of 2020. This is the first win for Beeks in the growing Open Banking and Payments sector demonstrating the security of our offering and applicability to this new segment of the financial markets.
Beeks will design and supply a private network and fully managed infrastructure environment, enabling the payments provider to expand its secure and resilient end-to-end Payments-as-a-Service solution for financial institutions and regulated fintech organisations.
New regulations, such as the second Payment Services Directive (PSD2) and the Open Banking reforms, which require the sharing of financial data, are driving a shift towards new Open Banking and Payments offerings within financial services and the growing adoption of cloud computing to deliver them. Beeks’ proven capabilities and global network means we are ideally placed to support financial services institutions in this move to cloud-based infrastructure, providing the opportunity for continued growth in the Open Banking sector.
CEO Gordon McArthur commented, “We are delighted to be able to announce two such significant new customers. Our selection as preferred vendor for one of the largest technology providers for financial markets globally represents our largest initial customer deployment to date, and provides Beeks with a significant growth opportunity. The scalability of our network means that we’re ideally placed to provide substantial cloud infrastructure setup across our locations internationally.
“We are also delighted to have been selected to support the expansion of this innovator to the Payments sector. Regulation is driving the use of new technology, with the demand for increased level of security and expanding data volumes requiring banks and payments institutions to assess more flexible and secure cloud-based infrastructures over traditional IT architectures. Our global network and proven expertise mean Beeks is well-positioned to benefit from the expected growth in Open Banking and Payment applications, and we look forward to expanding this customer segment in the future.”