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Crown Hosting Data Centres wins £22M services contract for Bank of England

Written by Thu 2 May 2024

UK-based data centre services company, Crown Hosting Data Centres (CHDC), has secured a 7-year contract worth £22 million ($27.5 million) to provide data centre colocation services to the Bank of England.

According to reports, the company is a joint venture between the Cabinet Office and Ark Data Centres to provide secure, transparent data centre services to the public sector. The partnership was created to accelerate public sector transformation with the innovation and flexibility of a private sector operator.

CHDC has improved revenue significantly in the last few years, scoring 28.6% growth in 2023. This increase in business was associated with new business from entities like the London Ambulance Service, the Ministry of Justice, and a seven-year, £45 million ($56.3 million) deal to provide services to HMRC.

As of summer 2023, under the ‘Securing Our Technical Future’ programme, HMRC migrated 61% of its services to Crown Hosting’s on-premises data centres. The remaining services were planned to migrate before the end of the year.

The Bank of England has been central to the push for operational resilience among firms offering payment services in the UK. Reuters reported the Bank has created standards for response to emergencies, like cyberattacks, extreme weather, glitches and service interruptions. Payments companies must meet with a deadline of March 2025.

To establish authority in Financial Markets Infrastructure (FMI) and set operational standards, the Bank of England must adhere to best practices in managing their data centres. This includes being on the cutting edge of data privacy and security, efficiency, and disaster recovery.

In a recent speech at the Big Data & AI World Conference, Tech Show London, Bank of England Chief Data Officer James Benford, said the data and analysis drive the Bank’s policy decisions.

“Data we collect and how we collect it affects over 2000 financial institutions that report to us and contributes over 37 ½ thousand published data series which are core to UK and global financial statistics,” added Benford.

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Written by Thu 2 May 2024

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