Beeks Secures First Contract in Open Banking and Payments

The company has secured one contract worth $1 million and one £1.1 million contract over three years.

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 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. 

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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.

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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

Gordon McArthur CEO of Beeks
Gordon McArthur, CEO of Beeks

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 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.”

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