Tender

Sponsor Bank for Short Term Payment Contingency

DEPARTMENT FOR WORK AND PENSIONS

This public procurement record has 1 release in its history.

Tender

06 Jan 2020 at 15:08

Tender Notice
Summary of the contracting process

The Department for Work and Pensions is seeking a Sponsor Bank for their Short Term Payment Contingency service through an open procurement process. This tender, titled "Sponsor Bank for Short Term Payment Contingency," is categorised under financial and insurance services and is active until 7th February 2020. The successful contractor must be prepared to deliver a solution that spans from 1st July 2020 to 30th June 2021, ensuring timely payments for approximately 2.2 million transactions made daily. This tendering opportunity is located within the United Kingdom and emphasises the urgency of establishing a reliable service to mitigate payment delays.

This procurement presents significant opportunities for financial service providers, particularly those who specialise in high-volume or rapid payment processing. Businesses that can deliver efficient banking solutions and have experience in working with public sector contracts will be well-positioned to compete. Given that this contract requires an adaptable and prompt response to payment contingencies, firms with innovative banking technologies and a robust understanding of the public sector's operational framework will likely find this tender particularly advantageous for growth and expansion.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

Sponsor Bank for Short Term Payment Contingency

Notice Description

This procurement relates to the provision of the Short Term Payment Contingency (STPC) service, specifically to the Sponsor Bank element which is required to support the functionality of STPC. Without a Sponsor Bank in place, STPC 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 threatens the Department's ability to make payment on time. The service transforms BACS payments into Faster Payments to ensure that customers receive their entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation. The end to end STPC service requires two separate components, these are: * A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure. * A Sponsor Bank for the settlement of funds with the Bank of England. The procurement is for the Sponsor Bank element only. DWP makes circa. 2.2m payments per day and pays over PS3bn per week. The end to end solution must be available from 01/07/20 to avoid a break in service. Please note: The Authority reserves the right to end the tendering process at any time and not to award a contract. Any costs incurred in the preparation and submitting of a bid and any subsequent activity connected to the tender exercise will be met by the supplier, not the Authority. Additional information: The Invitation to Tender Pack is available on Bravosolution. Your tender response should be submitted via BravoSolution. If you are not a BravoSolution registered supplier, you must register with BravoSolution to bid - https://dwp.bravosolution.co.uk/web/login.shtml Helpline telephone number:0800 368 4850 Helpline email: help@bravosolution.co.uk

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-276fb479-c1d3-42e4-9b94-f6f5d9b792f4
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/5c8d7ca0-2d3b-489f-9307-f42058301616
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£220,000 £100K-£500K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
6 Jan 20206 years ago
Submission Deadline
7 Feb 2020Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Jun 2020 - 30 Jun 2021 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
DEPARTMENT FOR WORK AND PENSIONS
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BLACKPOOL
Postcode
FY4 5ES
Post Town
Blackpool
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD4 Lancashire
Small Region (ITL 3)
TLD42 Blackpool
Delivery Location
Not specified
Local Authority
Blackpool
Electoral Ward
Stanley
Westminster Constituency
Blackpool South

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-276fb479-c1d3-42e4-9b94-f6f5d9b792f4-2020-01-06T15:08:31Z",
    "date": "2020-01-06T15:08:31Z",
    "ocid": "ocds-b5fd17-276fb479-c1d3-42e4-9b94-f6f5d9b792f4",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "Project _22501 / itt_21444",
        "title": "Sponsor Bank for Short Term Payment Contingency",
        "description": "This procurement relates to the provision of the Short Term Payment Contingency (STPC) service, specifically to the Sponsor Bank element which is required to support the functionality of STPC. Without a Sponsor Bank in place, STPC 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 threatens the Department's ability to make payment on time. The service transforms BACS payments into Faster Payments to ensure that customers receive their entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation. The end to end STPC service requires two separate components, these are: * A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure. * A Sponsor Bank for the settlement of funds with the Bank of England. The procurement is for the Sponsor Bank element only. DWP makes circa. 2.2m payments per day and pays over PS3bn per week. The end to end solution must be available from 01/07/20 to avoid a break in service. Please note: The Authority reserves the right to end the tendering process at any time and not to award a contract. Any costs incurred in the preparation and submitting of a bid and any subsequent activity connected to the tender exercise will be met by the supplier, not the Authority. Additional information: The Invitation to Tender Pack is available on Bravosolution. Your tender response should be submitted via BravoSolution. If you are not a BravoSolution registered supplier, you must register with BravoSolution to bid - https://dwp.bravosolution.co.uk/web/login.shtml Helpline telephone number:0800 368 4850 Helpline email: help@bravosolution.co.uk",
        "datePublished": "2020-01-06T15:08:31Z",
        "status": "active",
        "classification": {
            "scheme": "CPV",
            "id": "66000000",
            "description": "Financial and insurance services"
        },
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "countryName": "British Oversea Territories"
                    },
                    {
                        "countryName": "Channel Islands"
                    },
                    {
                        "countryName": "Europe"
                    },
                    {
                        "countryName": "Isle of Man"
                    },
                    {
                        "countryName": "Rest of the World"
                    },
                    {
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "value": {
            "amount": 220000,
            "currency": "GBP"
        },
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure (above threshold)",
        "tenderPeriod": {
            "endDate": "2020-02-07T23:59:59Z"
        },
        "contractPeriod": {
            "startDate": "2020-07-01T00:00:00+01:00",
            "endDate": "2021-06-30T23:59:59+01:00"
        },
        "suitability": {
            "sme": true,
            "vcse": false
        },
        "mainProcurementCategory": "services",
        "documents": [
            {
                "id": "1",
                "documentType": "tenderNotice",
                "description": "Opportunity notice on Contracts Finder",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/5c8d7ca0-2d3b-489f-9307-f42058301616",
                "datePublished": "2020-01-06T15:08:31Z",
                "format": "text/html",
                "language": "en"
            }
        ]
    },
    "parties": [
        {
            "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/ahmV766A",
            "name": "DEPARTMENT FOR WORK AND PENSIONS",
            "identifier": {
                "legalName": "DEPARTMENT FOR WORK AND PENSIONS",
                "scheme": "GB-SRS",
                "id": "sid4gov.cabinetoffice.gov.uk/ahmV766A"
            },
            "address": {
                "streetAddress": "Peel Park, Brunel Way",
                "locality": "Blackpool",
                "postalCode": "FY4 5ES",
                "countryName": "England"
            },
            "contactPoint": {
                "name": "Louise Rice",
                "email": "louise.rice@dwp.gsi.gov.uk",
                "telephone": "01253 611633"
            },
            "roles": [
                "buyer"
            ]
        }
    ],
    "buyer": {
        "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/ahmV766A",
        "name": "DEPARTMENT FOR WORK AND PENSIONS"
    }
}