UK fintech Beeks secures first contract in Open Banking and payments

UK-based fintech Beeks Financial Cloud Group has secured one contract worth USD 1 million and one GBP 1.1 million contract over three years.

Beeks Financial Cloud Group announced that is has secured two 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 USD 1 million annualised contract, that was signed with the undisclosed technology provider.

The second contract was a USD 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 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.