Published date: 7 September 2020
Closed early engagement
Contract summary
Industry
Data services - 72300000
Data supply services - 72319000
Location of contract
EC1N 2TD
Procurement reference
tender_249915/885566
Published date
7 September 2020
Closing date
25 September 2020
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
No
Description
Under the Financial Conduct Authority's Payment Accounts Directive (PAD), the Money and Pensions Service (MaPS) has a statutory duty to provide a web-based Payment Accounts Comparison (PACS) tool. The aim of PAD is to improve access to payment accounts, increasing competition and making fees and charges more transparent and comparable. As such, MaPS had to create an operationally independent tool to compare a specific and limited list of fees and charges known as the Linked Services List.
The PACS tool has been operated by MaPS since 2018. Though the tool is developed and maintained by MaPS directly, an external provider is required to supply a data feed of the Payment Service Providers' (PSP) Payment account products, and to compare a specific and limited list of fees and charges known as the Linked Services list. The current contract for this service expires in 2021.
Therefore MaPS is issuing this Early Engagement notice to ascertain interest from the market prior to any potential tender process for this data provision service. MaPS would request that any providers who would be interested in bidding for this opportunity to please indicate this by replying to the contact email address by 25th September.
Further details are included in the Additional Text and Links sections of this notice.
More information
Links
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- https://www.fca.org.uk/firms/payment-accounts-directive
- Tender notice
- Payment Accounts Directive (PAD)
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- https://www.fca.org.uk/publication/feedback/payment-accounts-regulations-final-linked-services-list.pdf
- Tender notice
- Final Linked Services list (Section 3 (page 9) of document)
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- https://www.moneyadviceservice.org.uk/en/tools/compare-bank-account-fees-and-charges
- Tender notice
- Payment Accounts Comparison (PACS) tool
Additional text
-
Overview of Requirements:
- MaPS need provision of data on products that account for a significant share of the market for payment accounts in order to power a comparison tool;
- Each payment account product should have data on the fees and charges associated with each of the linked services;
- This data must be provided in a format that the MaPS development team can utilize in the tool, and must be maintained and kept up to date - and must be queryable no less than on a daily basis;
- Where possible, further data about the accounts' features and requirements should be made available, to facilitate a good user journey.
Statutory Data Requirements:
- Accurate and up-to-date data on fees, charges and availability of each of the Linked Services;
- Significant part of market provision of this data for Payment Accounts available in the UK;
- Basic product information including product name, supplier name & product type.
Final Linked Services list (further details on link below):
1. Maintaining the account
2. Arranged overdraft
3. Unarranged overdraft
4. Refusing a payment due to lack of funds
5. Allowing a payment despite lack of funds
6. Direct debt
7. Standing order
8. Sending money within the UK
9. Sending money outside the UK
10. Receiving money from outside the UK
11. Cash withdrawal in pounds in the UK
12. Cash withdrawal in foreign currency outside the UK
13. Debit card payment in pounds
14. Debit card payment in a foreign currency
15. Cancelling a cheque
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Closing date: 25 September 2020
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