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Upgrading the Securities & Collateral Management Settlement System

BANK OF ENGLAND

This public procurement record has 3 releases in its history.

Award

06 Jun 2025 at 11:55

UK7 - Contract Details Notice
Award

01 May 2025 at 14:42

UK6 - Contract Award Notice
Award

30 Apr 2025 at 12:20

UK5 - Transparency Notice
Summary of the contracting process

The Bank of England, a central government public authority, has successfully completed the procurement process for upgrading its Securities & Collateral Management Settlement System. Located in London, the procurement was initiated as a tender using a direct award method due to intellectual property rights held by the specific supplier, Vermeg Systems Limited. The contract, active since 30th May 2025, is valued at £3,541,666.67 (excluding VAT) and will run until 20th December 2027, with options for additional services to support implementation. This procurement falls under the IT services industry category and was signed on 30th May 2025.

This tender presents substantial opportunities for businesses specialising in IT consulting, software development, and support services. Companies with a strong background in providing proprietary technology solutions, particularly those familiar with the financial sector's technological needs, would be well-suited to compete. The procurement process highlights the value of holding exclusive rights or specialized knowledge, offering insights into strategic positioning for future tenders of a similar nature. The location in the UK offers geographical advantages for UK-based businesses seeking to engage in high-value government contracts.

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Notice Information

Notice Title

Upgrading the Securities & Collateral Management Settlement System

Notice Description

Upgrading the Bank of England's Securities & Collateral Management Settlement System.

Procurement Information

The following conditions are met in relation to the public contract- (a)due to a particular supplier having intellectual property rights or other exclusive rights, only that supplier can supply the goods, services or works required, and (b)there are no reasonable alternatives to those goods, services or works.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-050a15
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/030533-2025
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
UK7 - Contract Details Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Direct
Procurement Method Details
Direct award
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

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

CPV Codes

72000000 - IT services: consulting, software development, Internet and support

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
£3,541,666 £1M-£10M
Contracts Value
£3,541,666 £1M-£10M

Notice Dates

Publication Date
6 Jun 20251 years ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
24 Apr 20251 years ago
Contract Period
30 May 2025 - 20 Dec 2027 2-3 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
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
EC2R 8AH
Postcode Area
Central 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
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
2
Supplier Names

Vermeg Solutions SA

VERMEG SYSTEMS LIMITED

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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