Notice Information
Notice Title
DWP Payment Contingency Service - Lot 2 Sponsor Bank
Notice Description
This procurement is for the provision of the DWP Payment Contingency Services and a Sponsor Bank. This awarded contract relates to Lot 2 - Sponsor Bank. A Sponsor Bank is required to support the functionality of the Payment Contingency Services. Without a Sponsor Bank in place, the Payment Contingency Services 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 and the Department's ability to make payment on time is threatened. The service transforms BACS payments into Faster Payments to ensure customers receive their benefit/pension entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation. The end to end Payment Contingency service requires two separate components, these are: - LOT 1 - A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure - LOT 2 - A Sponsor Bank for the settlement of funds with the Bank of England.
Notice Details
Publication & Lifecycle
- Open Contracting ID
- ocds-b5fd17-adebe5ef-ba5d-4665-84e6-1c8648d555a4
- Publication Source
- Contracts Finder
- Latest Notice
- https://www.contractsfinder.service.gov.uk/Notice/4c7c9266-5960-4687-bad7-a83a800d8e80
- 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
66 - Financial and insurance services
-
- CPV Codes
66000000 - Financial and insurance services
66110000 - Banking services
Notice Value(s)
- Tender Value
- £502,200 £500K-£1M
- Lots Value
- Not specified
- Awards Value
- £547,200 £500K-£1M
- Contracts Value
- Not specified
Notice Dates
- Publication Date
- 31 Oct 20223 years ago
- Submission Deadline
- 27 Mar 2022Expired
- Future Notice Date
- Not specified
- Award Date
- 2 Aug 20223 years ago
- Contract Period
- 30 Jun 2022 - 30 Jun 2025 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
- DEPARTMENT FOR WORK AND PENSIONS
- Contact Name
- Not specified
- Contact Email
- lydia.chung@dwp.gov.uk
- Contact Phone
- Not specified
Buyer Location
- Locality
- LONDON
- Postcode
- SW1H 9NA
- Post Town
- South West 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
- Not specified
-
- Local Authority
- Westminster
- Electoral Ward
- St James's
- Westminster Constituency
- Cities of London and Westminster
Further Information
Notice Documents
-
https://www.contractsfinder.service.gov.uk/Notice/4c7c9266-5960-4687-bad7-a83a800d8e80
31st October 2022 - Awarded contract notice on Contracts Finder
Open Contracting Data Standard (OCDS)
View full OCDS Record for this contracting process
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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