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Contracts Finder (UK Cabinet Office) verified 1 week ago Contract award

Payment Initiation Services

Awarded United Kingdom Financial & insurance services

Buyer NS&I

Key facts

Awarded
Procedure
Restricted procedure
  1. Deadline
  2. Awarded decided in 49 days
  3. Published
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Awarded to

Ecospend Technologies Limited

Award date
decided 49 days after the deadline
Record with this buyer
1 first contract from this buyer in the register

Description

NS&I has a requirement for the provision of Payment Initiation Services in order to make it easy for our customers to pay NS&I by bank transfer using a secure, simple and efficient process. NS&I Customer research has shown that three key factors influence how customers choose to pay: Security, Ease and Confidence. Payment initiation offers a well-defined journey, with the necessary account details securely transferred using Open Banking technology. This reduces the risk of the customer making an error, and makes it easier for the customer to complete the task than a manually set up bank transfer. For NS&I, Payment Initiation is more cost-effective than debit card. Through the use of Payment Initiation, NS&I aims to reduce our future payment costs. We expect the Supplier to provide Application Programming Interfaces (APIs) to allow NS&I to enable our customers to seamlessly transition from our new mobile app or future website, to the customer's own bank and back to our online service for confirmation. The API should pre-populate the sort code, account number, account name, payment amount and payment reference. At a later date, NS&I may also require the following additional services: - Account Information, including the following services: Fraud Services, Identity Services, Income Verification Services, Affordability Services, Risk Identification Services and Transaction/ Fund Tracing and Monitoring Services. - Confirmation of Payee **Contract awarded via Further Competition under the Government Commercial Agency Open Banking (Data, Digital Payments & Confirmation of Payee Services) DPS RM6301.** Additional information: Contract includes one optional 12 month extension period.

Official source

Source: Contracts Finder (UK Cabinet Office)

Always verify details on the official notice.

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Last verified against Contracts Finder (UK Cabinet Office) 1 week ago

Documents on Contracts Finder (UK Cabinet Office) (English)

View the official notice

What this market pays

The buyer has too few awards of its own in this sector, so this is the range of the last 146 awards for Financial & insurance services in United Kingdom.

Median award
€150,307
Middle half of past awards
€65,365 to €461,297

Contracts Finder (UK Cabinet Office) publishes no value for this notice, so it has no mark on the scale. The official documents may state one.

Award values as published by the official sources. Use them as a guide, not a rule: scope, lots and duration differ between contracts.

The buyer

Full buyer profile

NS&I

United Kingdom

notices in the register
7
awards
7

One dot per award, on the day it was signed, sized by its value. A ring is an award with no published value.

Recent awards

Market context

open now in Financial & insurance services
3,342
median open notice
€433,108

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Awarded before

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