Department for Work and Pensions · Awarded contract
Awarded

Provision of DWP Payment Contingency Service - Lot 2 Sponsor Bank

Awarded 30 Jun 2022

View live tenders
Awarded30 Jun 2022
Value£547,200.00
SupplierHSBC BANK PLC
AgencyDepartment for Work and Pensions
RegionUnited Kingdom
CategoryFinance & Insurance
Ended 1y 4mo ago3y term
Awarded 30 June 2022Expired 29 June 2025

About

Department for Work and Pensions awarded a contract to HSBC BANK PLC for the provision of a Sponsor Bank to support the Payment Contingency Services.

The Sponsor Bank is required to enable the functionality of the contingency service, which is invoked when delays in the release of the BACS payment file threaten the Department's ability to make benefit and pension payments on time.

The service transforms BACS payments into Faster Payments to ensure customers receive their entitlement on their due date, reducing reputational risk and satisfying the Secretary of State's obligation.

The end-to-end service comprises two components: Lot 1 for reformatting BACS payments into Faster Payments, and Lot 2 for a Sponsor Bank for settlement of funds with the Bank of England.

The contract value is AUD 547,200.

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