Award

2526-0056 Financial Risk Management Solution

LONDON BOROUGH OF ISLINGTON

This public procurement record has 1 release in its history.

Award

08 May 2025 at 08:47

UK7 - Contract Details Notice
Summary of the contracting process

The London Borough of Islington has successfully completed the procurement process for the contract titled "2526-0056 Financial Risk Management Solution." This procurement falls under the industry category of computer-related services, utilising AI and machine learning to scrutinise supplier and payment data before transactions. The contract was awarded to FISCAL TECHNOLOGIES LTD., based in Reading, UK, and covers various regions across the United Kingdom. As a direct procurement method below the threshold, the process was carried out without competition and is currently in the award stage. The contract commenced on 29th April 2025 and is set to complete on 29th April 2028, with a potential extension opportunity for up to one year.

This tender presents growth opportunities for businesses specialising in providing sophisticated technological solutions for financial risk management. Organisations proficient in data analytics, AI, and machine learning technologies would be well-positioned to compete in similar initiatives. Small to medium enterprises (SMEs) like FISCAL TECHNOLOGIES LTD. can harness such opportunities to expand their client base and contribute innovative solutions tailored to public sector needs. The project offers a gross contract value of £90,288, providing a significant revenue stream for the successful supplier. Furthermore, the possibility of contract renewal allows for continued partnership and service provision, reinforcing long-term business growth.

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Notice Information

Notice Title

2526-0056 Financial Risk Management Solution

Notice Description

Utilising AI and Machine Learning to forensically analyse payment and supplier data prior to payment

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-050e5e
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/019575-2025
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
Below threshold - without competition
Tender Suitability
Not specified
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

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

CPV Codes

72500000 - Computer-related services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£75,240 Under £100K

Notice Dates

Publication Date
8 May 20259 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
28 Apr 202510 months ago
Contract Period
28 Apr 2025 - 29 Apr 2028 3-4 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
LONDON BOROUGH OF ISLINGTON
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
N1 2UD
Post Town
North London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI43 Haringey and Islington
Delivery Location
Not specified
Local Authority
Islington
Electoral Ward
St Mary's & St James'
Westminster Constituency
Islington South and Finsbury

Supplier Information

Number of Suppliers
1
Supplier Name

FISCAL TECHNOLOGIES

Further Information

Notice Documents

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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