Banking and investment services

Tender description

The London Borough of Redbridge (“the Authority”) invites Tenders for the Contract for The Provision of Banking Services for the London Borough of Redbridge (“the Contract”). The Contract will commence on 1.4.2019 and shall continue up to and including 31.3.2026 (the “Contract Period”). At the sole discretion of the Authority the Contract Period may be extended in such period or periods as the Authority deems appropriate up to a maximum of three (3) years, (in such period or periods as the Authority deems appropriate) basis, providing a possible total Contract Period to midnight on 31.3.2029. The Service to be provided pursuant to the Contract includes, but not exclusively, maintaining a number of bank accounts for specific purposes, including the Authority’s main accounts for processing of BACS payments and receiving income as well as school bank accounts, appointeeship accounts and accounts for East London Waste Authority and the Redbridge Pension Fund. The requirements of the Service will also include the use of procurement cards and other electronic methods of payment. The organisation awarded the Contract will accept that the Services covered by the Contract shall be flexible over the Contract Period to allow for changes to the banking requirements that may occur during the Contract Period and to reflect changes to the Authority’s banking processes, such as the increased use of procurement cards and other electronic methods of payment as the Authority moves towards becoming cashless.