January 25, 2021

Bank of England selects Appvia for two-year cloud development scheme

The Bank of England (BoE) has handed Appvia a two-year cloud development contract, following a technology tender announced in January.

The BoE set out to find a cloud partner in January

Appvia is responsible for supporting development and project teams at the central bank.

It will test and deploy code in cloud environments and work with security teams to integrate cloud into existing processes.

“We have selected Appvia as our cloud delivery partner to […] unlock the potential of the cloud,” says Oliver Tweedie, head of digital platforms at BoE.

“Appvia come with a great pedigree and a wealth of experience delivering cloud services within government.

“Working in collaboration with bank technology teams, Appvia will help us shape and build the future of cloud services across our organisation”

Banking on the cloud

The contract arrives on the heels of the central bank warning about the “lack of sustainability” in cloud computing.

Huw van Steenis, financier and author of a report into the tech earlier this year, urged the BoE to adopt wider cloud integration and “embrace” the technology.

He said he believed regulatory requirements remained a barrier for the financial services sector when it came to cloud adoption.

Jon Shanks, CEO of Appvia, says the deal is an “exciting opportunity”. He says his firm will work with the BoE as it undergoes “a step-change in its approach to the cloud.”

He adds: “Creating a fit-for-purpose cloud environment and culture within institutions is a vital piece of the puzzle.

“We look forward to working with all stakeholders at the Bank of England to support its technological transformation.”

The BoE is also engaged in an internal data shake-up with the Financial Conduct Authority (FCA). The two regulators have outlined new plans to develop their in-house analytics.

The central bank has released a discussion paper on the subject, focused on improving the timelines and effectiveness of data collection from firms “across the financial system.”

The two regulators have released a viability assessment into the latest pilot of Digital Regulatory Reporting (DRR).

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