The Bank of London: innovating the core
Tam Holmes, Chief Product Officer and Charlotte Bullock, Group Director of Banking-as-a-Service from The Bank of London – the world’s first purpose-built global clearing, agency and transaction bank – talk about their partnership with SAP Fioneer, and how they are using our technology to transform the industry fundamentals.
“This is innovating at the heart of the financial system, where money’s held and where money moves.”
— Tam Holmes, The Bank of London
I think the most enjoyable thing about working with SAP Fioneer is just how dynamic the relationship really is.
So The Bank of London is the world’s first global by design, clearing and agency bank. And what makes it unique is its global footprint and concentration on efficient technology to really service the needs of today’s clients.
We’re the sixth clearing bank in the UK in over 250 years. A lot of the initial clients we’ve been speaking with are really looking for a banking partner to help them scale, help them grow their global footprint and really help them service their end customers.
I think really it’s technology at the heart of the banking product. So picking a solid technology partner to go on a journey in a deep partnership was the reason we worked with SAP Fioneer.
We run the SAP Fioneer technology stack end to end across all applications. Most notably is our core banking stack. SAP Fioneer represents quality, reliability and scalability, which will enable us to meet our goals.
It’s about servicing the needs of clients today, but also the confidence that as new challenges emerge both in technology and in the economy, that you’re working with a partner that can go on that journey with you.
So the relationship is really a partnership and that partnership, the core foundation, is co-innovation.
We’re able to offer our services that operate more quickly, at a lower price point and innovate and bring in new features into the market. I think the overall outcome really is about making the economy more efficient.
One of the great things about The Bank of London’s journey with SAP Fioneer is that we’re really building from the ground up and that’s given us the opportunity to look at best practice implementations. And a big part of that, of course, is sustainability.
I agree and I think also efficiency. So if you can make the banking system more efficient, then fundamentally that’s more sustainable. I think that the move to the cloud is a really important part of our sustainability journey.
I think the future for The Bank of London is really sort of servicing the transformation that’s going to happen in the financial services industry in this decade. This is innovating at the heart of the financial system where money is held and where money moves.
The way SAP Fioneer comes into that, they’re our partner, they grow, they scale as we grow and scale internationally.