Financial and insurance services

Tender description

Transport for London (TfL) as the Contracting Authority is putting contract(s) in place for: (i) banking and cash management; (ii) international oyster (smartcard) refund payments; and (iii) securities (custodian and settlement) services. Each will be in place for five (5) years, with an option to extend one or more of the contracts for up to a further two (2) years, at the sole discretion of TfL. This is to be conducted in accordance with the competitive procedure with Negotiation under Directive 2014/24/EU on the award of public sector contracts, as implemented in the UK by the Public Contracts Regulations 2015. This procurement is being conducted in accordance with TfL's drive to deliver best value whilst meetings its' own requirements. As the end of this procurement process, TfL may choose to award a contract/contracts. Any contract/contracts which TfL awards will be to the tenderer(s), who submitted the most economically advantageous tender(s) (MEAT). TfL and its subsidiaries require sterling and currency bank accounts to be held with a London branch, the majority of which will form a notional cash pool for the calculation of interest, alongside some 4 weekly zero balance sweep requirements supported by a 200 000 000 GBP uncommitted overdraft facility. From these accounts, payments and receipts are made using host to host and / or an electronic banking platform. The banking and cash management services lot also encompasses project bank accounts, guarantees and credit facilities. This lot also incorporates purchase cards issued to a limited number of employees and the processing of notes and coin cash once collected by TfL’s nominated security carrier. Daily provision of reports and MT940 statements are required to enable accurate reconciliation. This will also include requests for the provision of change in different coin and note denominations to specified TfL business units. Solution for international oyster (smartcard) card refunds process. TfL requires a self-management system whereby overseas customers wishing to obtain a refund on the outstanding balance of their Oyster card may submit a claim online and receive a refund in their local currency, but enable TfL bank accounts to be debited in UK pound sterling. TfL invests in securities and the settlement of these investments is currently undertaken by the incumbent provider of banking and cash management services. TfL requires a service provider to act as a direct custodian to hold and safe keep all securities and assets across global markets and settlements.