Published date: 31 March 2022
Last edited date: 25 April 2022
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Financial and insurance services - 66000000
Location of contract
BH1 3LH
Value of contract
£0
Procurement reference
IT-157-344-PSPD0134
Published date
31 March 2022
Closing date
29 April 2022
Closing time
12pm
Contract start date
1 July 2022
Contract end date
30 June 2029
Contract type
Service contract
Procedure type
Open procedure (below threshold)
Any interested supplier may submit a tender in response to an opportunity notice.
This procedure can be used for procurements below the relevant contract value threshold.
Contract is suitable for SMEs?
No
Contract is suitable for VCSEs?
No
Description
The University currently uses a specialist provider to make international payments originating from Sterling. Approximately 670 payments are made annually. Of these, some 15% are euro either through the specialist provider or the University's EUR bank A/C, 16% are US Dollar, 52% Sterling and 17% for all other currencies.
Each beneficiary's payment details are emailed to the provider who do money laundering & criminal record checks against each beneficiary, set them up on their system & email confirmation that they're set up.
Approved invoices and payment requisitions are received in PDF format, and they are manually input into the providers online platform.
2 main types of payments are required.
1. Payments in a designated currency.
2. payments in a designated currency at a set GBP value.
When raising the payment, the beneficiary needs to be able to be selected without having to input all their details for each payment.
Authorisation is required on the online platform from the authorised signatories within Finance.
When the approver logs in a list of payments to be made should be available with checkboxes so approvals can be done together as well as the option to drill down into the payment to approve.
When the payments are released a remittance advice is emailed to the beneficiary by the provider.
Payment to the Provider is taken for each payment made by Direct Debit. The Direct Debit must be per payment so the bank transactions can be reconciled to the overseas payments.
A manual process follows to update the Ledger. The wire confirmations are downloaded and loaded onto the ledger & are accounted for in GBP once the payment has been sent. The original currency of the transaction is not recorded on the ledger.
During the period of the appointment the University expects to place the business that is the subject of this tender with the Appointee, but it reserves the right to place a limited proportion of its business with other providers (e.g., due to the beneficiary country or payment currency). The University would not expect to place such business without first consulting the Appointee and giving the Appointee the opportunity to undertake the business.
More information
Links
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- https://in-tendhost.co.uk/bournemouthuniversity/aspx/
- Additional information on how to apply for this contract
Additional text
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Documents are available via https://in-tendhost.co.uk/bournemouthuniversity
Is a Recurrent Procurement Type? : No
About the buyer
Contact name
Pauline Dean
Address
Bournemouth House
Christchurch Road
Bournemouth
BH1 3LH
UK
Telephone
01202 962260
Website
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Closing: 29 April 2022, 12pm
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