Award

Provision of Sanctions Screening Service

FSCS

This public procurement record has 1 release in its history.

Award

29 Mar 2019 at 15:49

Award Notice
Summary of the contracting process

The procurement process involved the Financial Services Compensation Scheme (FSCS) seeking a provider for a "Provision of Sanctions Screening Service" to support compliance with various sanction lists, including those from the US, UK, and UN. The service will be located in London and is classified under the CPV code for software packages and information systems. This open procurement method was completed with a total contract value of £307,000, and the award was made on 7 December 2018. The contract began on 1 March 2019 and runs until 28 February 2022, with an option to extend for a further two years.

This tender presents significant opportunities for businesses specialising in software solutions and compliance services, particularly those with capabilities in transaction screening, data management, and enhanced due diligence. Companies equipped to manage high-volume data processing and maintain stringent service level agreements would be particularly well-suited to compete in similar future tenders. Engaging in this sector could help businesses expand their market footprint while contributing to vital regulatory compliance processes.

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Notice Information

Notice Title

Provision of Sanctions Screening Service

Notice Description

Provision of a screening service to perform sanction screening. The solution will batch screen a payment transaction listing prior to the payment being issued against a prescribed list of sanction lists inc US, UK and UN sanctions lists. The solution will: - batch screen a transaction listing, returning the results in a batch file to update our CRM system, - be configurable to allow filtering of potential matches based on pre-defined criteria, - deal with incomplete data eg no DOB or incomplete address, - allow enhanced due diligence eg providing beneficial ownership information for corporate entities, - use an efficient screening algorithm that produces a low false positive rate, - be able to handle fluctuating volumes up to a maximum of 2m payment records within tight SLA. There will also be an optional service which is the provision of the first stage review of potential matches identifying and eliminating the false positives. Additional information: This contract includes the option to extend by up-to two years from the date of the expiry of the initial term.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-344dac55-65d7-453b-9d4a-cce02458ade5
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/925ee4d0-18b7-44b2-a6bc-ec11d27327d0
Current Stage
Award
All Stages
Award

Procurement Classification

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

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

CPV Codes

48000000 - Software package and information systems

Notice Value(s)

Tender Value
£307,000 £100K-£500K
Lots Value
Not specified
Awards Value
£307,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
29 Mar 20196 years ago
Submission Deadline
14 Sep 2018Expired
Future Notice Date
Not specified
Award Date
7 Dec 20187 years ago
Contract Period
1 Mar 2019 - 28 Feb 2022 3-4 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
FSCS
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC3A 7QU
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
TLI London
Local Authority
City of London
Electoral Ward
Portsoken
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

LEXISNEXIS RISK SOLUTION

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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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. 

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