Banking services

Tender description

Hertfordshire County Council (the ‘Council’) is currently out to procurement for the provision of a comprehensive money transmission banking service involving maintenance of Council (including Pension Fund and subsidiary and associate current accounts) and school bank accounts, handling of paper, BACS and CHAPS clearing, cash processing and other activities associated with local authority banking business. The Council will require an internet banking service for balance/transaction reporting and payment initiation. Further information in regards to this opportunity can be found in II.2.4) Description of the procurement field (OJEU Contract Notice refers). The Council requires a comprehensive money transmission banking service involving maintenance of Council and school bank accounts, handling of paper, BACS and CHAPS clearing, cash processing and other activities associated with local authority banking business. The Council will require an internet banking service for balance/transaction reporting and payment initiation. The estimated total value of the Contract is stated in II.1.5) of this notice and is for the initial term inclusive of the approximate value for extensions. For the avoidance of doubt, the estimated annual value of the contract will be approximately 90 000 GBP. It is possible that transaction volumes will reduce as a result of schools converting to academy status and taking responsibility for their own banking arrangements. It is possible that new bank accounts will be required to provide banking services to subsidiaries, associates, and public sector mutuals which the Council may create in future. Transaction volumes would not be expected to change significantly if such entities are created. The proposed contract will be awarded for an initial term of 5 years, with the option to extend for an initial period of 3 years, plus an option to extend up to a further 2 years. The estimated contract value and duration set out in II.2.6 and II.2.7 are based the maximum 10 year term. Please note that the contract requirements will be subject to available financial resources, supplier performance and flexibility to meet changing demands. This contract is not being divided into lots because the Council requires a single organisation to deliver this contract. Organisations should be aware that due to the nature of the services provided, any contract formed as a result of this procurement process shall be executed as a deed. Organisations should seek independent legal advice on the implications of this prior to submitting their bid, where appropriate. Interested organisations are referred to the Procurement Documents for further information on the description of the procurement and the Council's needs and requirements. Organisations wishing to take part in this project are invited to ‘express interest’ which will give access to the full procurement documents in the e-tendering system. Please see VI.3) Additional information for further information. Any questions relating to this procurement must be made via the correspondence area in the e-Tendering system, in accordance with the procurement documents and can be addressed to the main contact as shown in the details above.