Planning

Payment Accounts Comparison (PACS) tool - Datafeed provision

MONEY AND PENSIONS SERVICE

This public procurement record has 1 release in its history.

Planning

13 Oct 2022 at 10:56

Market Engagement Notice
Summary of the contracting process

The Money and Pensions Service (MaPS) is planning a procurement process for the provision of a data feed for the Payment Accounts Comparison (PACS) tool under the Financial Conduct Authority's Payment Accounts Directive. The purpose is to improve access to payment accounts, increase competition, and make fees and charges more transparent and comparable. The engagement end date for potential bidders is 28th October 2022. The procurement stage is currently at the planning phase.

This tender offers opportunities for businesses to provide data on payment account products for the PACS tool. Suitable businesses would need to supply data on fees and charges, maintain the data up-to-date for daily queries, and provide additional account information for user clarity. Businesses in the data services industry, especially those experienced in financial data provision, could be well-suited to compete in this tender. The MaPS is looking for a provider that can meet statutory data requirements and future industry changes to enhance the PACS tool's capabilities.

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Notice Information

Notice Title

Payment Accounts Comparison (PACS) tool - Datafeed provision

Notice Description

Under the Financial Conduct Authority's Payment Accounts Directive (PAD), the Money and Pensions Service (MaPS) has a statutory duty to provide a web-based Payment Accounts Comparison (PACS) tool. The aim of PAD is to improve access to payment accounts, increasing competition and making fees and charges more transparent and comparable. As such, MaPS had to create an operationally independent tool to compare a specific and limited list of fees and charges known as the Linked Services List. The PACS tool has been operated by MaPS since 2018. Though the tool is developed and maintained by MaPS directly, an external provider is required to supply a data feed of the Payment Service Providers' (PSP) Payment account products, and to compare a specific and limited list of fees and charges known as the Linked Services list. The current contract for this service expires in April 2023. Therefore MaPS is issuing this Early Engagement notice to ascertain interest from the market prior to any potential tender process for this data provision service. MaPS would request that any providers who would be interested in bidding for this opportunity to please indicate this by replying to the contact email address (commercial@maps.org.uk) by 28th October 2022. Overview of Requirements: - MaPS need provision of data on products that account for a significant share of the market for payment accounts in order to power a comparison tool; - Each payment account product should have data on the fees and charges associated with each of the linked services; - This data must be provided in a format that the MaPS development team can utilize in the tool, and must be maintained and kept up to date - and must be queryable no less than on a daily basis; - Where possible, further data about the accounts' features and requirements should be made available, to facilitate a good user journey. Statutory Data Requirements: - Accurate and up-to-date data on fees, charges and availability of each of the Linked Services; - Significant part of market provision of this data for Payment Accounts available in the UK; - Basic product information including product name, supplier name & product type. Further details are included in the Additional Text and Links sections of this notice. Additional information: Final Linked Services list (further details on links): 1. Maintaining the account 2. Arranged overdraft 3. Unarranged overdraft 4. Refusing a payment due to lack of funds 5. Allowing a payment despite lack of funds 6. Direct debt 7. Standing order 8. Sending money within the UK 9. Sending money outside the UK 10. Receiving money from outside the UK 11. Cash withdrawal in pounds in the UK 12. Cash withdrawal in foreign currency outside the UK 13. Debit card payment in pounds 14. Debit card payment in a foreign currency 15. Cancelling a cheque The data MaPS currently uses Beyond the fees identified in the linked services list above, we also display other fees: - Example scenarios for arranged overdrafts (PS500 for 7 days, 30 days, and 60 days) - Maximum Monthly Charge for unarranged overdrafts - Debit card issue and replacement fees - Cash withdrawal limits (if applicable) - BACS, Faster Payments, and CHAPS charges It is also worth noting that alongside the fee, we also require explanatory text for any specific conditions or context about the fee. For example, the cost to maintain an account might be PS0 but only if a customer deposits at least PS1000 per month and has two active direct debits, otherwise the fee is PS2. This explanatory text is very important as it helps users really understand the fee and how much they could be charged. We also use account attributes to allow users to filter their results: - Account type (e.g., current account, premier account, e-money account, etc.) - Account features, including overdraft availability, 7-day switching, and if account is open to new customers - Account access options (branch, telephone, online, mobile app, Post Office) Future plans: Looking ahead, we want to expand the tool and show changes in the industry such as: - Cash deposit fees - Additional account features (savings pots, savings sweeps, round up savings, text message alerts, Paym transfers, mobile app security, contactless limits, payment limits) - Geographic restrictions (e.g. accounts only available in Northern Ireland or Cumbria) We would require a provider that can work with us to ensure we are able to meet these changes in industry

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-fdf7e64f-4271-456b-a2d1-4f72f909abc6
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/009c92a2-21a5-4778-8f55-378131824eee
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Market Engagement Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

72 - IT services: consulting, software development, Internet and support

CPV Codes

72300000 - Data services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
13 Oct 20223 years ago
Submission Deadline
Not specified
Future Notice Date
28 Oct 2022Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Planning
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
MONEY AND PENSIONS 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
EC1N 2TD
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI36 Camden
Delivery Location
Not specified
Local Authority
Camden
Electoral Ward
Holborn & Covent Garden
Westminster Constituency
Holborn and St Pancras

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

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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