Short Term Payment Contingency
Description
This notice relates to the of the Short Term Payment Contingency Service (STPC) which ensure that benefit and pension entitlement payments are credited on the customer’s due date. The STPC service is invoked in exceptional circumstances where there is a delay in DWP releasing the Bacs payment file(s).
The existing services are provided under two separate, interdependent contracts; Short Term Payment Contingency (STPC) and Sponsor Bank (SB), which are both required to allow invocation.
• STPC: reformats Bacs payments file(s) into Faster Payments for onward submission into the Faster Payment infrastructure
• SB: is required for the settlement of funds with the Bank of England.
This notice relates specifically to the STPC element of the Short Term Payment Contingency Service.
The STPC service transforms Bacs payments into Faster Payments to ensure customers receive their benefit/pension entitlement on their due date in the events of any delays from DWP on Bacs file(s) release.
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About This Opportunity
This is a services contract in the finance and banking sector, with a focus on Banking and Pensions. Located in United Kingdom, Europe, this opportunity is open to firms and consortiums, with an estimated budget of GBP 2.7 million.
Published through UK FTS - Find a Tender Service, a national government procurement portal. Public procurement tenders follow the country's national bidding regulations and may have specific eligibility and documentation requirements for services in the finance and banking sector. Service contracts are typically evaluated on both technical quality and price, and may require bidders to demonstrate relevant experience and qualified personnel. This is an advance notice — the formal tender is expected to be published shortly. Interested parties can use this time to prepare documentation and identify potential partners.