DWP Payment Contingency Service - Lot 2 Sponsor Bank
key details
| Value | £502,200 |
|---|---|
| Status | complete |
| Category (CPV) | 66000000 +1 more |
| Deadline | 27 Mar 2022 |
| Contract start | 1 Jul 2022 |
| Contract end | 30 Jun 2025 |
| Procedure | open |
| SME suitable | No |
| OCID | ocds-b5fd17-adebe5ef-ba5d-4665-84e6-1c8648d555a4 |
Award
| Supplier | Value | Date | Status |
|---|---|---|---|
| HSBC BANK PLC | £547,200 | 2 Aug 2022 | active |
description
This procurement is for the provision of the DWP Payment Contingency Services and a Sponsor Bank.
This awarded contract relates to Lot 2 - Sponsor Bank.
A Sponsor Bank is required to support the functionality of the Payment Contingency Services. Without a Sponsor Bank in place, the Payment Contingency Services is unable to operate.
This contingency service is invoked in situations when there is a delay with release of the BACS payment file, which contains benefit and pension payments and the Department's ability to make payment on time is threatened.
The service transforms BACS payments into Faster Payments to ensure customers receive their benefit/pension entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation.
The end to end Payment Contingency service requires two separate components, these are:
- LOT 1 - A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure
- LOT 2 - A Sponsor Bank for the settlement of funds with the Bank of England.
notice history
1 notice published against this procurement.
| Published | Type | Regime | Notice |
|---|---|---|---|
| 31 Oct 2022 | Award update (awardUpdate) | · | 4c7c9266-5960-4687-bad7-a83a800d8e80-585294 |
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source
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