Sponsor Bank for Short Term Payment Contingency

Tender description

This procurement relates to the provision of the Short Term Payment Contingency (STPC) service, specifically to the Sponsor Bank element which is required to support the functionality of STPC. Without a Sponsor Bank in place, STPC is unable to operate. This contingency service is invoked in situations when there is a delay with release of the BACS payment file which contains benefit and pension payments threatens the Department's ability to make payment on time. The service transforms BACS payments into Faster Payments to ensure that customers receive their entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation. The end to end STPC service requires two separate components, these are: • A service to reformat BACS payments into Faster Payments for onward submission into the Faster Payment infrastructure. • A Sponsor Bank for the settlement of funds with the Bank of England. The procurement is for the Sponsor Bank element only. DWP makes circa. 2.2m payments per day and pays over £3bn per week. The end to end solution must be available from 01/07/20 to avoid a break in service. Please note: The Authority reserves the right to end the tendering process at any time and not to award a contract. Any costs incurred in the preparation and submitting of a bid and any subsequent activity connected to the tender exercise will be met by the supplier, not the Authority.