Source: https://tendernation.io/opportunities/01a13c4f-f93c-726f-9e37-86c26c4c4a7a/sponsor-bank-for-short-term-payment-contingency closed GB open procedure Suitable for SMEs # Sponsor Bank for Short Term Payment Contingency [Department for Work and Pensions](https://tendernation.io/buyers/department-for-work-and-pensions) Open field Estimated value £220,000 Published 6 Jan 2020 Deadline Closed 7 Feb 2020 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. - Open procedure Anyone can submit a full tender; there is no shortlisting stage. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender 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. Additional information: The Invitation to Tender Pack is available on Bravosolution. Your tender response should be submitted via BravoSolution. If you are not a BravoSolution registered supplier, you must register with BravoSolution to bid - [dwp.bravosolution.co.uk/web/login.shtml](https://dwp.bravosolution.co.uk/web/login.shtml) ### Helpline telephone number:0800 368 4850 Helpline email: Read full description ## CPV classification Financial and insurance services Source Contracts Finder (UK) [View official notice](https://www.contractsfinder.service.gov.uk/notice/276fb479-c1d3-42e4-9b94-f6f5d9b792f4) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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