Award

Open Banking Services

H M REVENUE & CUSTOMS

This public procurement record has 1 release in its history.

Award

13 Sep 2024 at 13:31

Summary of the contracting process

H M Revenue & Customs (HMRC) has successfully completed the procurement process for providing Open Banking services, covering Payment Initiation Services (PIS) and Account Information Services (AIS). This procurement, classified under the industry category of banking services, was conducted through a selective method using a call-off from a dynamic purchasing system. The contract, valued at £2,260,457, has been awarded to Ecospend Technologies Limited, an SME located in London. The contract period spans from 29 August 2024 to 28 August 2027, with the tender period having ended on 26 April 2024. The contract will primarily serve customers in the United Kingdom, with a focus on expanding payment and repayment service offerings.

This tender presents substantial business growth opportunities for companies specialising in financial technology, particularly those offering innovative banking and payment solutions. SMEs with a robust background in developing and implementing advanced payment systems or providing comprehensive account information services can significantly benefit from engaging in similar procurement processes. Moreover, businesses equipped to navigate the regulatory landscape in the financial sector and capable of scaling their solutions to meet the needs of large organisations like HMRC are well-suited to compete for such tenders in the future.

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Notice Title

Open Banking Services

Notice Description

Open Banking services offering our customers payment and repayment services including Payment Initiation Services (PIS) and Account Information Services (AIS).

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-af3232dc-cd88-420b-b060-7f38dadcfa8b
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/655f799c-3f36-44c7-9de5-9326844da05d
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Dynamic
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a dynamic purchasing system
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66110000 - Banking services

Notice Value(s)

Tender Value
£2,260,457 £1M-£10M
Lots Value
Not specified
Awards Value
£2,260,457 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
13 Sep 20241 years ago
Submission Deadline
26 Apr 2024Expired
Future Notice Date
Not specified
Award Date
8 Jul 20241 years ago
Contract Period
28 Aug 2024 - 28 Aug 2027 2-3 years
Recurrence
Not specified

Notice Status

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

Contracting Authority (Buyer)

Main Buyer
H M REVENUE & CUSTOMS
Contact Name
Bhavina Patel
Contact Email
bhavina.patel1@hmrc.gov.uk
Contact Phone
Not specified

Buyer Location

Locality
SALFORD
Postcode
M3 5BS
Post Town
Manchester
Country
England

Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD3 Greater Manchester
Small Region (ITL 3)
TLD34 Greater Manchester South West
Delivery Location
Not specified

Local Authority
Salford
Electoral Ward
Blackfriars & Trinity
Westminster Constituency
Salford

Supplier Information

Number of Suppliers
1
Supplier Name

ECOSPEND TECHNOLOGIES

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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