Bank of England's Oracle cloud migration bill triples as project grinds on

The Bank of England has trebled the amount it is spending on its Oracle systems integrator amid efforts to migrate business applications to the cloud.

The UK's central bank has planned the move since 2020, and a recent procurement note revealed it has increased financial outlay with Oracle implementation partner Version 1 to £21.5 million after initially tendering the contract for £7 million.

Version 1 was hired to "support the implementation of technical and change management aspects of the Oracle Cloud implementation and business change program," according to the official documents.

The latest increase is due to an amendment to the Bank's Application Management Service contract, including the "need for additional works, services or supplies" that "were not included in the initial procurement," the notice says.

Another supplier could not meet these requirements for "economic or technical reasons such as requirements of interchangeability or interoperability with existing ...