Published date: 19 August 2022

Last edited date: 31 October 2022

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 27 March 2022, 11:59pm

Contract summary

Industry

  • Financial and insurance services - 66000000

  • Banking services - 66110000

Location of contract

Any region

Value of contract

£502,200

Procurement reference

tender_275783/1095436

Published date

19 August 2022

Closing date

27 March 2022

Closing time

11:59pm

Contract start date

1 July 2022

Contract end date

30 June 2025

Contract type

Service contract

Procedure type

Open procedure (above threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements above the relevant contract value threshold.

Contract is suitable for SMEs?

No

Contract is suitable for VCSEs?

No

Description

This procurement is for the provision of the DWP Payment Contingency Services and a Sponsor Bank.

This awarded contract relates to Lot 2 - Sponsor Bank.

A Sponsor Bank is required to support the functionality of the Payment Contingency Services. Without a Sponsor Bank in place, the Payment Contingency Services is unable to operate.

This contingency service is invoked in situations when there is a delay with release of the BACS payment file, which contains benefit and pension payments and the Department's ability to make payment on time is threatened.

The service transforms BACS payments into Faster Payments to ensure customers receive their benefit/pension entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation.

The end to end Payment Contingency service requires two separate components, these are:

- LOT 1 - A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure
- LOT 2 - A Sponsor Bank for the settlement of funds with the Bank of England.

Award information

Awarded date

3 August 2022

Contract start date

1 July 2022

Contract end date

30 June 2025

Total value of contract

£547,200

This contract was awarded to 1 supplier.

HSBC BANK PLC

Address

8 Canada Square, London, E14 5HQ

Reference

Companies House number: 00014259

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Address

Caxton House, Tothill Street
London
SW1H 9NA
England

Email

lydia.chung@dwp.gov.uk

Website

https://www.gov.uk/government/organisations/department-for-work-pensions