---
title: "Upgrading the Securities & Collateral Management Settlement System"
ocid: "ocds-h6vhtk-050a15"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-050a15"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-050a15.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-050a15.json"
source: "Find A Tender Service"
current_stage: "Award"
buyer: "BANK OF ENGLAND"
published: "2025-06-06"
---

# Upgrading the Securities & Collateral Management Settlement System

Buyer: BANK OF ENGLAND  
Current stage: Award  
OCID: ocds-h6vhtk-050a15

[View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-050a15)  
[Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-050a15.json)

## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/030533-2025 |
| 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 |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 6 Jun 2025 |
| Submission deadline | Not specified |
| Future notice date | Not specified |
| Award date | 23 Apr 2025 |
| Contract period | 29 May 2025 - 20 Dec 2027 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | £3,541,666 |
| Contracts value | £3,541,666 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Complete |
| Awards status | Active |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | BANK OF ENGLAND |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2R 8AH |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Walbrook |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 2 |
| Supplier names | VERMEG SOLUTIONS; VERMEG SYSTEMS |

## CPV Codes

### Divisions

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

### Codes

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

## Release History

- 6 Jun 2025 at 10:55 - Award - UK7 - Contract Details Notice - https://www.find-tender.service.gov.uk/Notice/030533-2025
- 1 May 2025 at 13:42 - Award - UK6 - Contract Award Notice - https://www.find-tender.service.gov.uk/Notice/018468-2025
- 30 Apr 2025 at 11:20 - Award - UK5 - Transparency Notice - https://www.find-tender.service.gov.uk/Notice/017947-2025

## Documents

- https://www.find-tender.service.gov.uk/Notice/030533-2025
  6th June 2025 - Contract details notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/018468-2025
  1st May 2025 - Contract award notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/017947-2025
  30th April 2025 - Transparency notice on Find a Tender

## Notice URLs

- http://www.vermeg.com
- https://www.legislation.gov.uk/ukpga/2023/54/contents

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-050a15. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-050a15.json.