The Bank of England significantly increased spending on its Oracle cloud migration project. The project involves implementing Oracle Cloud Fusion Applications for finance, procurement, and other functions.
The cost for its systems integrator, Version 1, tripled. Spending rose to £21.5 million from the initially tendered £7 million.
The cost increase stems from the need for additional work and services. These requirements were not part of the initial procurement.
The official notice states that retaining the current supplier was necessary for economic and technical reasons. This ensures interoperability with existing systems, avoiding the significant costs and inconvenience that switching providers would incur.