Bank of England seeks partner to support Oracle Cloud implementation
After venturing into HCM, UK's central bank embarks on finance and procurement journey with Big Red
The UK's central bank is on the hunt for a service partner as it plans to expand its finance, procurement, and recruitment applications into the Oracle Cloud.
According to a procurement note, the Bank of England is looking for an IT services company to "support the implementation of technical and change management aspects of the Oracle Cloud implementation and business change programme."
The chosen supplier will be expected to support a program that provides a "step change in the capabilities and value delivered by the finance, procurement and recruitment functions in the Bank, leveraging the existing Oracle Cloud toolset to drive sustainable business change."
The contract is expected to last 55 months, with the potential to extend for a further 24 months, and will be worth up to £7 million (c $7.9 million).
The move follows the implementation at the Bank of Oracle Fusion, Big Red's cloud application platform for HR, in late 2021.
The new partner will be expected to "review and rebuild" the "way all tasks, processes and outputs are achieved and will leverage the Oracle Cloud toolset to help drive business change."
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The Bank of England, also known as the Old Lady of Threadneedle Street, first advertised its mission to move its applications and infrastructure to the public cloud in 2020. In a procurement document published at the time, the institution said it was working on a "strategic plan, 'One Bank, One Mission' which provides an ambitious agenda to transform." The goal was to "create a single, unified institution" and understand in "more detail how the benefits of cloud services (public) could be secured."
LinkedIn profiles suggest the Bank of England was already using Oracle for HR. It also deployed Oracle databases but used SAP for supply chain management.
In 2009, it contracted outsourcing company Logica to develop HR services for benefits, talent management, and payroll administration software based on Oracle HCM under a five-year deal.
The Bank of England was founded in 1694, beginning life as a banker to the government. It issued its first banknotes in 1725, the highest denomination being £90. In 2021, the bank introduced a new £50 note, the first to feature Alan Turing, the Second World War code-breaker and one of the founders of modern computing. ®