Award

Professional service to support the upgrade of systems in the Customer Banking Division

BANK OF ENGLAND

This public procurement record has 3 releases in its history.

Award

02 Jul 2025 at 11:02

Award

30 May 2025 at 11:03

Award

29 May 2025 at 09:34

Summary of the contracting process

The public procurement process outlined here involves the Bank of England as the contracting authority, located at Threadneedle Street, London. The tender, titled "Professional service to support the upgrade of systems in the Customer Banking Division," falls under the industry category of IT services, encompassing consulting, software development, Internet, and support, with CPV code 72000000. This procurement has reached the award stage, with the contract valued at £318,768, including VAT. It was a direct award method due to the exclusive intellectual property rights held by the sole supplier. The contract with Temenos UK Limited, a large-scale supplier based in London, was signed on 17th June 2025 and is scheduled to run from 1st August 2025 to 28th February 2026.

This tender presents significant business growth opportunities, particularly for large IT service providers specialising in consultancy, software development, and support services. Companies capable of managing complex IT projects and working within central government frameworks may find it advantageous to align their services to meet similar demands. Direct awards can offer insights to potential competitors on the importance of holding unique capabilities or exclusive rights in this market, thus providing a competitive edge for future contracts. This procurement underscores the Bank of England's commitment to leveraging specialised expertise to enhance its banking systems, highlighting potential areas for innovation and service enhancement within the financial sector.

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Notice Title

Professional service to support the upgrade of systems in the Customer Banking Division

Notice Description

Professional service to support the upgrade of systems in the Customer Banking Division. The value is PS318, 768 inc. VAT.

Procurement Information

Single supplier - Intellectual property or exclusive rights 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.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-052892
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/036732-2025
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
£265,640 £100K-£500K
Contracts Value
£265,640 £100K-£500K

Notice Dates

Publication Date
2 Jul 20257 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
29 May 20258 months ago
Contract Period
31 Jul 2025 - 28 Feb 2026 6-12 months
Recurrence
Not specified

Notice Status

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

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Contact Name
Louise Naylor
Contact Email
askprocurement@bankofengland.co.uk
Contact Phone
Not specified

Buyer Location

Locality
LONDON
Postcode
EC2R 8AH
Post Town
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
1
Supplier Name

TEMENOS

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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