Provision of Corporate Banking Services to the University of Southampton

About

The University of Southampton awarded a contract to Barclays Bank PLC for the provision of corporate banking services.

The contract covers the provision and maintenance of bank accounts, income handling (including cash and cheques), a full range of payment processing options (including electronic bank transfer, both domestic and international, BACS and direct debit), and other services associated with higher education banking arrangements, including an electronic banking platform for payment initiation and balance/transaction reporting.

The contract period is six years, comprising an initial four-year term with an option to extend by a further two years, subject to satisfactory performance and at the discretion of the University.

The estimated value of the initial four-year term is £200,000 GBP (excluding VAT), and the estimated value of the two-year extension period is £100,000 GBP (excluding VAT), resulting in a total estimated contract value of £300,000 GBP (excluding VAT).