London, 31st May 2022 – Banking Circle, the tech-led Payments Bank, won Digital Transformation of the Year at The National Technology Awards 2022, for its full migration to the cloud. Award winners were announced at a gala dinner at the Marriott in London’s Grosvenor Square on Thursday 26th May.

The 6th annual event brought the technology sector together to celebrate excellence and innovation in the industry, recognising the best technologies and latest developments across a wide range of industries.

Banking Circle successfully completed a full migration to the cloud in March 2021 after moving its core banking system across. At the time, the organisation was already responsible for an impressive 6 per cent of Europe’s B2C e-commerce flow, having processed more than EUR 250 billion in payments. Since the migration to Microsoft Azure, it has compressed transaction processing times from multiple hours to within a single hour.

Cloud-enabled capacity and efficiency has equipped Banking Circle to handle three times the number of daily transactions and improving efficiency tenfold. This decisive, large-scale transition has also enabled the organisation to improve internal processes, and to explore new opportunities for innovation.

“This award win recognises the importance of this digital transformation project and the significant benefits it brings to Banking Circle clients and their underlying customers” said Michel Andre, CIO of Banking Circle who headed up the transformation project.

“The win is testament to the hard work, dedication and expertise of the engineering team and many others from across the business who played vital roles in executing the migration. With all aspects of Banking Circle infrastructure now in the cloud, we continue to focus on delivering swift, cost-effective payment services to Financial Institutions globally.”