The perceived inevitability of a UK changeover to the euro in the near future is being increasingly underlined by the growing number of British banks readying themselves for the conversion process.
Delphi Technologies, the Dublin-based software services company, today announced it has won a contract from Edinburgh-based Standard Life Bank for the euro conversion programme, including the conversion of Standard Life Banks’ core systems.
Speaking to siliconrepublic.com, Fin O’Driscoll, CEO of Delphi Technologies, explained the company had been approached by Standard Life in the early part of last year as part of its explorations of the availability of firms with euro conversion experience.
Delphi’s involvement with a number of successful analysis and conversion projects ahead of the relatively smooth conversion over here secured the offer of a deal.
He added: “There is a groundswell of interest in preparation for the euro in the UK and Standard Life Bank is preparing itself for any potential changeover.”
Drew Donaldson, IT manager for Standard Life, said: “It’s important that our systems are euro compliant if and when the UK embraces the euro. We have engaged Delphi because of its expertise and reputation gained in the Irish market on several large-scale euro compliance projects.”
Standard Life is just one of a growing number of British financial institutions that are already investing in the preparations for conversion in order to be ahead of the game when what is seen by many as the inevitable happens.
However, O’Driscoll acknowledges it is a precautionary measure more than anything else, as there is no real certainty that the currency will be introduced. “But companies like Standard Life want to have as much planning done in advance at this early stage,” he says.
Others are taking a more cautious approach, waiting for a referendum to be called before taking any steps.
The deal is worth approximately €2m to Delphi and the proposed euro project will continue through to the end of this year.
By Suzanne Byrne