Financial and insurance services

Tender description

DWP are preparing for a future procurement of a payment service which offers a short term solution for customers who are unable to access standard banking products including basic bank accounts. It is intended to act as a stepping stone into mainstream banking or for emergency use only. However, it is anticipated that a small minority will require the service longer term. In addition, there may also be a need for assistance in migrating customers from the existing services onto either mainstream banking products or the future replacement service. The purpose of this PIN is to inform market operators of a Supplier Engagement Event which DWP intends to host on 15.2.2019 or 22.2.2019. Suppliers will only need to attend 1 of the 2 dates. DWP are preparing for a future procurement for an alternative method of payment service intended for short term use as a stepping stone into mainstream banking or for emergency use. It will provide a service for those customers who cannot access standard banking products, including basic bank accounts. The service users form a diverse group with varied needs including but not limited to: incapacity, disability, financial exclusion, asylum seekers, homelessness and chaotic lifestyle which may include substance dependency. At this stage, contract duration is expected to be 5 years with an additional option to extend by 1 + 1 year.