Published date: 19 August 2022
Last edited date: 31 October 2022
Awarded contract - This means that the contract has been awarded to a supplier.
Contract summary
Industry
Financial and insurance services - 66000000
Banking services - 66110000
Location of contract
Any region
Value of contract
£990,000
Procurement reference
tender_275783/1095371
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?
Yes
Contract is suitable for VCSEs?
Yes
Description
This procurement is for the provision of the DWP Payment Contingency Services and a Sponsor Bank.
This awarded contract relates to Lot 1 - STPC.
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.
DWP makes circa. 2.5m payments per day and pays over £3.7bn per week.
The end to end solution must be available from 01/07/22.
Award information
Awarded date
28 July 2022
Contract start date
1 July 2022
Contract end date
30 June 2025
Total value of contract
£1,972,000
This contract was awarded to 1 supplier.
Vocalink International Limited
Address
1 Angel Lane, London EC4R 3AB
Reference
Companies House number: Vocalink
Supplier is SME?
Yes
Supplier is VCSE?
No
About the buyer
Contact name
Department for Work and Pensions
Address
Caxton House, Tothill Street
London
SW1H 9NA
England
Website
https://www.gov.uk/government/organisations/department-for-work-pensions
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Closing: 27 March 2022, 11:59pm