Banking services

Tender description

Lancashire County Council (the authority) is appointing an investment grade commercial bank to process the financial transactions of the authority as well as other organisations for which the authority provides banking and treasury management services. These organisations currently include the Police and Crime Commissioner for Lancashire, Lancashire Combined Fire Authority, Lancashire County Pension Fund, and Lancashire County Developments Ltd. The contract will be for an initial period of five (5) years with options to extend for up to a further five (5) years, providing a potential maximum contract length of ten (10) years. Lancashire County Council (the authority) is appointing an investment grade commercial bank to process the financial transactions of the authority as well as other organisations for which the authority provides banking and treasury management services via annual service level agreements. These organisations currently include the Police and Crime Commissioner for Lancashire, Lancashire Combined Fire Authority, Lancashire County Pension Fund, and Lancashire County Developments Ltd. The authority currently manages banking services by operating 6 main accounts, 3 supplementary accounts, and circa 300 low value/low volume Imprest/sub Imprest petty cash accounts. These are structured in a way that allows for pooling of balances for certain accounts. The authority requires an investment grade commercial bank to provide and maintain these accounts, providing BACS and CHAPS clearing, faster payments, cash processing, foreign payments and currency and any other financial transactions that may be required. There is also a requirement to provide online banking facilities.