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March 29, 2019

TSB brings technology in-house following IT outages

TSB is taking its IT infrastructure in-house from owner Sabadell after IT meltdown.

The outages occurred while TSB was migrating from the old Lloyds banking platform to that of its current Spanish owner Sabadell.

The banking platform was built by Sabis, which is a unit of Sabadell.

Commenting on the move, TSB said: “In the coming months, we will take direct ownership of our banking platform, including direct contractual relationships with the third party technology suppliers.

“At the same time, we also want to build significant new technology capability in TSB in order to allow us to innovate faster.”

TSB registered a pre-tax loss of £105.4m in 2018, versus a profit of £162.7m a year ago.

The results were affected by the IT meltdown, for which it spent hundreds of millions of pounds.

The first IT outage was reported last April, where customers could see others’ accounts.

In one instance, a customer was wrongly credited with £13,000.

Meanwhile, the bank appointed Mike Errington as its new chief information officer.

He will be responsible for taking the platform’s full ownership and its optimisation.

Besides, he will be tasked with creating new technology capability.

Carlos Abarca has been named the new chief technology innovation officer.

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