Business
Two Significant Contract Wins
Two Significant Contract Wins.
About this update from Beeks Financial Cloud Group Plc
[{"type":"text","content":"\n \nRNS Number : 5694X Beeks Financial Cloud Group PLC 20 December 2019 \n\nThis announcement contains inside information\n \nBeeks Financial Cloud Group plc\n(\"Beeks\") \n \nBeeks Financial Cloud signs two significant contracts\nSecures additional Tier 1 customer and enters the growing Open Banking and Payments sector\n \nGlasgow, 20 December, 2019 -- Beeks Financial Cloud Group Plc, a cloud computing and connectivity provider for financial markets, is pleased to announce that it has secured two significant contracts, signing a $1 million annualised contract with a global financial markets technology provider and a £1.1 million contract over three years with a cloud-based payments solution provider. \n \nGlobal financial markets technology provider\n \nBeeks has secured its first $1m annualised contract, with a global financial markets technology provider (\"the Technology Provider\"). Beeks will provide the Technology Provider with a global deployment of private cloud infrastructure.\n \nBeeks 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 $1 million annually, with the potential for further expansion thereafter. \n \nOpen Banking and Payment Solutions Provider\n \nBeeks has also signed a three-year contract with a cloud-based payments solution provider (\"the Payments Provider\"). The contract is worth £1.1 million over three years, with implementation due to be completed in the first half of calendar year 2020. This is the first win for Beeks in the growing Open Banking and Payments sector, demonstrating the security of the Beeks' offering and applicability to this new segment of the financial markets. \n \nBeeks 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. \n \nNew regulations, such as the second Payment Services Directive (PSD2) and the Open Banking reforms, which re...