Award

LPS CORP - Provision of Banking Services - RFQ 15218794

LANCASHIRE COUNTY COUNCIL

This public procurement record has 2 releases in its history.

Award

08 Jan 2019 at 09:50

Award Notice
Tender

25 Oct 2018 at 09:50

Tender Notice
Summary of the contracting process

The procurement process is for the provision of banking services by Lancashire County Council, based in Preston, England. The tender, titled "LPS CORP - Provision of Banking Services - RFQ 15218794," falls under the banking and investment services industry category. The procurement method utilised is an open procedure, with the tender period ending on 27th November 2018. The contract is set to commence on 1st April 2019 and will last until 31st March 2029, with a total estimated value of £800,000.

This tender presents a significant opportunity for large commercial banks that possess investment-grade credentials and can handle complex financial transactions. Companies specialising in banking services, particularly those experienced with BACS, CHAPS, and online banking systems, will find this procurement particularly relevant. Additionally, those capable of engaging in lifecycle costing approaches and managing multiple accounts tailored to the needs of public organisations are well-positioned to compete for this contract.

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Notice Information

Notice Title

LPS CORP - Provision of Banking Services - RFQ 15218794

Notice Description

Lancashire County Council (the Authority) is seeking to appoint an investment grade commercial bank to process the financial transactions of the Authority as well as other organisations for which the Authority provides banking and treasury management services via annual service level agreements. These organisations currently include the Police and Crime Commissioner for Lancashire, Lancashire Combined Fire Authority, Lancashire County Pension Fund, and Lancashire County Developments Ltd. The Authority currently manages banking services by operating six main accounts, three supplementary accounts, and circa 300 low value/low volume Imprest/sub Imprest petty cash accounts. These are structured in a way that allows for pooling of balances for certain accounts. The Authority requires an investment grade commercial bank to provide and maintain these accounts, providing BACS and CHAPS clearing, faster payments, cash processing, foreign payments and currency and any other financial transactions that may be required. There is also a requirement to provide online banking facilities. The Authority intends to utilise a lifecycle costing approach to this tender. More specifically, the Authority has developed an estimate for the cost of change that the Authority will incur to update the information technology of the Authority's financial systems in the event of a change of provider. This figure will be factored into the financial evaluation as described in the tender documents.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-3f96ce4a-c507-45c7-9307-f3ddc44c0d04
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/5d998590-8239-407f-a673-b35d6231490c
Current Stage
Award
All Stages
Tender, 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

66 - Financial and insurance services

CPV Codes

66100000 - Banking and investment services

Notice Value(s)

Tender Value
£800,000 £500K-£1M
Lots Value
Not specified
Awards Value
£817,000 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
8 Jan 20197 years ago
Submission Deadline
27 Nov 2018Expired
Future Notice Date
Not specified
Award Date
2 Jan 20197 years ago
Contract Period
31 Mar 2019 - 31 Mar 2029 Over 5 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
LANCASHIRE COUNTY COUNCIL
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
PRESTON
Postcode
PR1 8XJ
Post Town
Preston
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD4 Lancashire
Small Region (ITL 3)
TLD45 Mid Lancashire
Delivery Location
TLD North West (England)
Local Authority
Preston
Electoral Ward
City Centre
Westminster Constituency
Preston

Supplier Information

Number of Suppliers
1
Supplier Name

NATIONAL WESTMINSTER BANK

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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