Award

Sponsor Bank for Short Term Contingency

DEPARTMENT FOR WORK AND PENSIONS

This public procurement record has 1 release in its history.

Award

14 Jul 2020 at 14:06

Award Notice
Summary of the contracting process

The contract titled "Sponsor Bank for Short Term Contingency," awarded by the Department for Work and Pensions, involves the provision of financial and insurance services related to a contingency payment scheme. The contract has a total value of £190,800 and will be in effect from July 1, 2020, to June 30, 2021. The procurement method employed was an open procedure, allowing a wide range of suppliers to participate. The procurement process culminated in the award announcement on June 30, 2020, with critical engagement from parties located across the British Overseas Territories, Channel Islands, and the UK.

This tender presents a significant opportunity for banks and financial service providers, especially those with capabilities in managing contingency funding and payment services. Small and medium-sized enterprises (SMEs) in banking services may find it advantageous to engage in similar contracts, given that the procurement was open to smaller firms. This represents an excellent avenue for growth in the financial services sector as the need for reliable banking solutions in governmental risk management increases.

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Notice Information

Notice Title

Sponsor Bank for Short Term Contingency

Notice Description

This notice is to advise of the award of contract for the Sponsor Bank element of the Short Term Payment Contingency service. Sponsor Bank services are required to manage funding in the event that the Department for Work and Pensions invokes the Short Term Payment Contingency service.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-9cff2288-b479-44ff-91d4-75955897c66f
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/24648259-bcd8-4ca4-9375-b96a8246acd2
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
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

66100000 - Banking and investment services

66110000 - Banking services

Notice Value(s)

Tender Value
£190,800 £100K-£500K
Lots Value
Not specified
Awards Value
£190,800 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
14 Jul 20205 years ago
Submission Deadline
7 Feb 2020Expired
Future Notice Date
Not specified
Award Date
29 Jun 20205 years ago
Contract Period
30 Jun 2020 - 30 Jun 2021 6-12 months
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
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

Supplier Information

Number of Suppliers
1
Supplier Name

HSBC BANK

Further Information

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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