Award

Securities & Collateral Management Settlement System Support and Maintenance Contract

BANK OF ENGLAND

This public procurement record has 4 releases in its history.

Award

23 Dec 2025 at 13:21

Award

21 Oct 2025 at 07:47

Award

17 Sep 2025 at 08:58

Award

17 Sep 2025 at 08:48

Summary of the contracting process

The Bank of England, a central government public authority located in London, awarded a contract titled "Securities & Collateral Management Settlement System Support and Maintenance Contract" to Vermeg Systems Limited. The procurement process employed a direct award method due to the supplier's exclusive rights, with no reasonable alternatives available. This contract, classified under IT services, encompasses consulting, software development, and support across various UK regions. The procurement process has progressed to the 'Award' stage, with the contract running from 21st December 2027 to 20th December 2032, including the potential for renewal and options for additional services.

This tender provides lucrative opportunities for businesses specialising in IT services within the UK, specifically those capable of delivering comprehensive support and maintenance solutions. Enterprises with expertise in securities and collateral management systems are particularly well-suited to this contract, although the direct award nature limits competitive bidding. Nonetheless, the significant contract value and multi-regional scope offer substantial potential for growth and strategic alignment with key public sector financial infrastructure priorities. Business growth can be achieved through avenues that support the system's ongoing requirements and potential additional services specified by the Bank of England.

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Notice Title

Securities & Collateral Management Settlement System Support and Maintenance Contract

Notice Description

Vermeg Securities & Collateral Management Settlement System Support and Maintenance Contract

Procurement Information

(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-059bef
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/085838-2025
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
SME
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
£8,000,000 £1M-£10M
Contracts Value
£8,000,000 £1M-£10M

Notice Dates

Publication Date
23 Dec 20252 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
9 Sep 20255 months ago
Contract Period
21 Dec 2027 - 20 Dec 2032 Over 5 years
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
Not specified
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

VERMEG SYSTEMS

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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