Banking and investment services

Tender description

TfL are looking for a merchant acquirer, which is a financial institution that acts as an intermediary between merchants (TfL (Transport for London)/TTL (Transport Trading Limited)) and their customers to facilitate the acceptance of card payments. This includes but is not limited to face to face, by telephone or via the internet transactions and will also include contactless (both retail and transit model transactions). The tenderer must be regulated to perform merchant acquiring business (and/or any other services the subject of the proposed contract) in the UK in accordance with the relevant legislation and/or regulation, directive, laws, bye-laws and regulatory requirements necessary to perform such business and services in the UK. The services provided under the contract may be expanded in the future to allow for the services to be provided in taxis and private hire, and/or to allow for the services to be provided to or for other transport authorities in the United Kingdom or internationally, subject to the Greater London Authority Act 1999 (as Amended 2007). The contract term is expected to be 7 years with the potential (at the discretion of (TTL/TFL)) for: i) extension (s) of 3 years; and/or ii) an additional period (at this stage not expected to exceed 12 months) during which some or all of the services may continue to be provided to the extent required to facilitate an effective hand-back of the services to (TTL/TFL) or a successor provider. Currently TfL processes over 160 000 000 transactions per annum with a total transaction value of over 2 250 000 000 GBP.