LONDON, April 18, 2018 /PRNewswire/ --
Barclays has signed a multi-year enterprise agreement with SaaS company Cutover following increased adoption of the Cutover Enterprise platform across numerous areas of the bank.
Cutover Enterprise enables the planning, orchestration and audit of the human and technical activities in critical events such as technology releases, resilience testing and major incident management. Cutover is headquartered at Rise London, the home of the Barclays Fintech Accelerator in the UK, and has located its North American office in the Rise New York building.
Cutover has worked with Barclays since joining the Barclays Accelerator Programme in 2015. During the accelerator Cutover grew its product from a prototype to an enterprise-ready platform, informed by trials across 20 areas of the bank.
Following Cutover's graduation from the accelerator programme, Barclays became a client and in 2017 signed a multi-year enterprise license agreement that allows Cutover Enterprise to be used across the whole bank.
Cutover has become a strategic partner with Barclays on progressing the future roadmap for resilience strategy and DevOps integrations together with structural and regulatory change. They are also working together on advancing further use cases for Cutover Enterprise such as integrations with Service Management platforms and crisis management.
Barclays currently uses Cutover Enterprise on a regular basis to support, amongst others:
- System upgrades across Global Payments, Investment Banking and Wealth Management
- Data centre resilience tests
- Platform migrations e.g. card system replatforming
- Structural reform programmes e.g. sort code migrations
Before Cutover, many of these were coordinated using a combination of spreadsheets, phone calls and emails. Replacing these with a single tool for managing every stage of the event reduces complexity and risk. Cutover Enterprise also provides a greater level of visibility and accountability to those running the event.
Mike Butler, Head of Group Resilience: "I am delighted to have taken Cutover from a concept through the accelerator programme and onto a strategic partner of Barclays. Teams on both sides have learnt a phenomenal amount through the journey and in my opinion this is a model engagement for delivering value to Barclays. I look forward to continuing to strengthen our partnership over the coming years and expanding the scope of Cutover coverage to other use cases."
Dan Pilling, CEO, Payments Technology: "Cutover have a great product that has been used extensively across the Barclays Payments estate and has played a key part in numerous successful complex technology implementations. Alongside a great product they have a fantastic collaborative working style to ensure that we embed their product seamlessly into our change lifecycle. I look forward to working with them in the future as they continue to develop their product.
Ky Nichol, CEO, Cutover: "Listening to the Barclays CEO talk about 3 initiatives that helped to drive the great recent results and "strategic progress", bPaid, ServCo and Ring-fencing, it is fantastic that Cutover has been used in all three to help drive predictable execution. Barclays culture of collaborating with and adopting appropriate new technologies to help reduce risk and cost across the financial services industry is excellent. Our journey from the Barclays accelerator through enterprise vendor and to strategic partner has been amazing. We have benefitted from mentoring and support from many of the business and technology teams. The Barclays Rise innovation function is a key piece of Fintech market infrastructure. We realise that to be relevant in Financial Services we have to be present in New York. Rise New York was a great location to expand into from our home in Rise London."
About Cutover:
Cutover increases change capacity and reduces the risk and cost associated with critical enterprise events such as making changes to core banking systems and banking system resilience testing. Cutover supports the orchestration of these complex, high-risk periods of time through the creation of an operational theatre for real-time visualisation, collaboration, choreography and audit. Cutover fills a systemic gap in the enterprise tools market that is currently bridged with Excel, e-mail and calls. The team has over 60 years of combined experience in this problem space including launches of global banking payments systems, mobile operators, space agencies and the London 2012 Olympic Games
About Barclays:
Barclays is a transatlantic consumer and wholesale bank, offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
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