Financial consultancy, financial transaction processing and clearing-house services

Tender description

The London Borough of Tower Hamlets is tendering for a suitably qualified and experienced provider of accelerated/early payment services. The intention of the contract is to obtain savings to the Council by facilitating early payments to the Council’s suppliers in return for discounted invoices. The key considerations of the contract are to maximise the reduction in payment values the Council makes. However, other important considerations will be how related applications are implemented, the usability of the software, security of data, accuracy, cost of implementation and reconciliation of payments data for cash reconciliation purposes. Also key will be the successful bidder’s ability to engage with the Council suppliers, encouraging the take-up of accelerated payments without jeopardizing the continuing good relations with a huge range of suppliers, from voluntary sector organizations to multinational corporations. The London Borough of Tower Hamlets is tendering for a suitably qualified and experienced provider of accelerated/early payment services. The intention of the contract is to obtain savings to the Council by facilitating early payments to the Council’s suppliers. The Council pays over £300m of invoices each year and is exploring ways of reducing service costs and one possible initiative is to secure supplier discounts in exchange for the early settlement of invoices. The contract will have an initial term of 24 months, with an option to extend by another 24 months with a further 12-month extension after that, all at the sole discretion of the Council. The decision to extend will depend primarily on the success of the contract in securing tangible cash savings over the term of the contract.