Tender

Banking Services

METROPOLITAN POLICE SERVICE

This public procurement record has 1 release in its history.

Tender

12 May 2021 at 13:11

Tender Notice
Summary of the contracting process

The Metropolitan Police Service is currently conducting a tender for Banking Services, which falls under the banking and investment services category. This procurement process is at the tender stage, with the deadline for submissions set for 11th June 2021. The contract is anticipated to commence on 1st March 2022 and could potentially run for a maximum of 84 months, depending on extensions. The services required include the operation of multiple bank accounts including a Fund Main Supply Account and a Fund Drawing Account, with specific capabilities needed for account management within a tight operational timeframe located in London, United Kingdom.

This tender presents significant opportunities for financial service providers with the capability to manage extensive banking operations and a swift account opening process. Businesses specialising in banking and investment services, particularly those experienced in handling complex account structures and third-party funds, would be particularly well-suited to compete in this procurement process. Potential bidders must demonstrate their ability to meet the operational requirements outlined by the Metropolitan Police Service to successfully secure this contract.

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Notice Information

Notice Title

Banking Services

Notice Description

Overview and Scope of the Requirement The Authority as the contracting authority is tendering for the supply of Services to the MPS. The MPS/Authority is seeking through this tendering process to award a contract with a suitably capable Bidder to provide these services for an initial term of 60 months and a unilateral option of the MPS/Authority to extend for further periods of 24 months up to a maximum of 84 months for the total contract period. BANK ACCOUNTS MOPAC/MPS will require two main bank accounts: Fund Main Supply Account Fund Drawing Account In addition to the main accounts approximately 80 bank accounts will be required by divisions and operational departments. Most of these accounts are operated on an imprest basis and are funded periodically. Bank accounts are also maintained for holding significant balances on behalf of third parties (Requirements Specification provides more detail). Bidders must be capable of opening/operating any reasonable number of bank accounts on behalf of MOPAC/MPS and be capable of closing accounts/opening new bank accounts within 48 hours of receiving the appropriate instruction. Accounts must be open for the first day of the contract (currently 1st March 2022) and all necessary ancillary functions (ability to make deposits, withdrawals, intra account transfers and enquiries be in place). BANK ACCOUNT STRUCTURE The majority of bank accounts are currently pooled within a single group structure. A number of bank accounts are outside of the pooling arrangements as they hold non MOPAC/MPS balances (e.g. third party bank accounts). Bidders must be capable of pooling any number of bank accounts into more than one pooling group if required and be capable of establishing automatic transfers/sweeps between nominated bank accounts. THIRD PARTY FUNDS MOPAC/MPS manages significant balances that have been confiscated under the Proceeds of Crime Act (POCA), held under other legislation deposited in the De-tained Monies Account (DMA), held under other legislation deposited in the Account Freezing Orders (AFO) account, held under other legislation deposited in the Anti-Terrorism Crime and Security Act (ATCSA) and other third party monies processed by police through the Divisional Account. The current bank provides a virtual ac-count service that facilitates the management of these funds. To tender for this opportunity please do this via Coupa (ref 165 Banking Services): https://supplier.coupahost.com/quotes/public_events?customer=metpolice All documents and response requirements are on the portal. If you experience any issues and the help desk is unable to assist, then please make contact via hannah.lloyd@met.police.uk Once you are active on Coupa all communications must be via this route.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-420396ed-893c-4201-827c-c916309dbb1b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/b460d4e7-835f-4f47-9396-a863a7a8828c
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
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66100000 - Banking and investment services

Notice Value(s)

Tender Value
£2,450,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
12 May 20214 years ago
Submission Deadline
11 Jun 2021Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
1 Mar 2022 - 29 Feb 2028 Over 5 years
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
METROPOLITAN POLICE SERVICE
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
NW6 6LT
Post Town
North West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI7 Outer London - West and North West
Small Region (ITL 3)
TLI72 Brent
Delivery Location
TLI London
Local Authority
Brent
Electoral Ward
Queens Park
Westminster Constituency
Queen's Park and Maida Vale

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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