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United Kingdom-London: Financial and insurance services
Section I: Contracting authority
Main address: https://www.postoffice.co.uk
Address of the buyer profile: https://www.postoffice.co.uk
Section II: Object
Post Office Prepaid Card Solution to Support Budgeting and Bill Payments
Post Office is running this procurement process to identify and contract with a single supplier to deliver a pre-paid card solution that includes a physical card backed by a transactional account with digital app and web portal.
The solution is primarily intended to target the under-banked and financially excluded and end users struggling with or wanting to take control of their budgeting.
Post Office have a clear view of the product proposition, both for initial launch but also for development, and expect the supplier to work with us in developing features from the product roadmap.
Post Office intends to expand the use of a Pre-paid Card during the lifetime of this service which could include, but not be limited to coverage for any other demographic with a requirement for its application, potentially resulting in significant growth of the services provided under the contract.
The Supplier or their supply chain must be financially regulated and hold a valid e-money license, with the capability of providing prepaid cards. The prepaid card should be capable of performing standard banking functionality and transactions including cash access over Post Office counters.
Additionally, the service must as a minimum include the development, production, implementation and operational aspects related to: account opening maintenance and operation of accounts (including dormant accounts), associated card fulfilment, card acquiring, issuing and management, provision of contact centre for customer servicing, and the provision of management information.
The intended duration of contract will be 5 years with an option at Post Office Ltd’s absolute discretion, to extend on one or more occasions up to a maximum term of 7 years.
As set out in the procurement document.
Section III: Legal, economic, financial and technical information
The successful supplier must be able to provide regulated financial services either directly, as part of a consortium or via a named subcontractor.
Accordingly it is a mandatory condition of participation in this procurement process that a bidder must either be: an entity as described in Section III.2.1) below, include such an entity as part of a consortium or include such an entity as a named subcontractor
Institutions authorised under Part 4A of the Financial Services and Markets Act 2000 which are able to accept deposits, UK building societies incorporated under the Building Societies Act 1986 which are able to provide corporate banking facilities, or any credit institution authorised in another EU member state which provides banking services in the UK pursuant to the Financial Services and Markets Act 2000.
If the bidder does not meet any of the above criteria itself (including via one or more consortium members, if applicable), then the bidder must nominate one or more suitably qualified subcontractor(s) who meet at least one of the above criterion and who will be responsible for providing the regulated financial services in the event the Bidder is successfully appointed.
If the contract is awarded to a grouping of economic operators (e.g. a consortium), the Post Office reserves the right to require the grouping to form a single legal entity (with appropriate financial guarantees in place) and/or require that each member undertakes joint and several liability irrespective of the legal form adopted before entering into the contract.
Section IV: Procedure
Section VI: Complementary information
18 months prior to contract expiry.
All invoices must be received in PDF format or upload format.
Internet address: https://www.postoffice.co.uk
Post Office will provide a notification of intent to award which will allow bidders a 10-day period to raise any enquiry.