Beeks Secures First Contract in Open Banking and Payments

Beeks Financial Cloud Group Plc announced this Friday that is has secured two large contracts, one with a global financial markets technology provider and one with a cloud-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solution provider.

The first contract for Beeks, which is a cloud computing and connectivity provider for the financial markets, is a $1 million annualized contract that was signed with the undisclosed technology provider.

The second contract was a £1.1 million contract over three years with the payments solutions provider. This contract marks the first win for Beeks in the Open Banking and Payments sector, the statement released today said.

For the first contract, Beeks will be the preferred cloud vendor for on-demand infrastructure provision globally. The software-as-a-service (SaaS) contract, which at the moment will last for one year, will begin in January of 2020, with the potential for further expansion thereafter.

The second contract is a three-year contract, which is expected to be implemented in the first half of 2020. As part of this deal, Beeks will design and supply a private network and fully managed infrastructure environment.

Beeks poised to benefit from Open Banking and Payment growth

Commenting on the contracts, Gordon McArthur, CEO of Beeks Financial Cloud, said: “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 are 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 in the Payments sector. Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.”