A guide to help public sector organisations understand how General Banking Services provides accessible and compliant banking services and structures.
In partnership with
Overview
The solution provides members of NEPO, ESPO and YPO with a simple, fast, and compliant route to market for General Banking Services.
This approach will save Members and Associates time and money in their procurement costs (allowing them to focus on their core activities) and providing value for money on their general banking services requirements.
Background
NEPO has established a multi-supplier solution in relation to the supply of General Banking Services. From stakeholder engagement, NEPO have identified a demand for public sector authorities to compliantly award their Banking Services requirements under a Framework Agreement.
This solution is active and is available for use by UK public sector organisations and can be accessed by undertaking a further competition or by direct award.
The solution was procured in partnership with ESPO and YPO, with NEPO leading the collaborative process. The result is a procurement solution that is informed by public sector insight and focused on the needs of the communities we serve.
What is General
Banking Services?
The solution allows public sector organisations to streamline their procurement processes, ensuring compliance with industry regulations while leveraging collective purchasing power to achieve competitive rates and services.
The service can be used to deliver core transactional banking arrangements, providing bank account structures to be used for outgoing payments such as creditor cheques, CHAPS, BACS, direct debits, standing order payments, balance requests, commission charges and associated interest payments.
Alongside these core transactional services, the solution includes ancillary services, such as receipt accounts to receive payments, rent allowance accounts for benefit payments, wage accounts for staff salary payments and petty cash accounts and treasury deposits.
Why use General Banking Services?
Contract management
Contract management is undertaken by NEPO ensuring performance monitoring and adherence to KPIs.
Bank account structures
Transactional banking arrangements to provide bank account structures and ancillary services.
Online banking
Online banking capabilities, including an interface to receivables and general ledger systems.
Avoid lengthy negotiations
Pre-agreed terms and conditions avoiding lengthy negotiations with suppliers in a heavily regulated industry.
Access to branches
The availability of a bank branch network to receive cash and cheques and offer encashment facilities.
Innovative
Innovation in an evolving sector, such as open banking capabilities and digitalisation.
Industry leading suppliers
Access to experienced suppliers in public sector banking, with strong financial stability and brand identity.
Electronic payment
Cheques and electronic payment services including creditor payments, payroll and outsourced payment services (e.g., production of cheques).
Ensures secure
banking
Secure banking processes through strong encryption, fraud detection systems, and other security measures to protect financial.
Savings and efficiencies
Cash management services for contracting authorities: Banks help businesses optimize their liquidity by offering services like cash concentration, sweep accounts, and investment solutions to maximize interest earnings on idle funds.
Online banking: Digital banking platforms allow contracting authorities to manage their accounts, pay invoices, transfer funds, and track transactions without the need to visit a branch. This convenience saves time and reduces costs.
Compliant route to market avoiding the need to undertake a full procurement process, saving time and resources.
Digital banking reduces the need for physical cash, improving efficiency in daily transactions and business operations.
Credit and debit management: Automated credit and debit systems allow contracting authorities to manage payments and receivables efficiently, ensuring smooth operations without delays or missed payments.
Increase efficiency: With online banking services, the need for paper documentation and physical paperwork is minimised, resulting in savings on administrative costs and a reduction in the environmental impact.
How can General Banking Services support the Public Sector?
Transparency and accountability with compliance to procurement and industry regulations.
Simplifying public sector transactional banking: Banks streamline government payments, tax collections, and subsidy disbursements, ensuring funds are transferred quickly and securely, which helps save administrative time and costs for public sector organisations.
Efficient Financial Management: Through specialised pooled accounts, banks offer the public sector options for managing and investing surplus funds and optimising interest earnings.
Meet the Team
Our Corporate Services Team is on hand to help you find out more and get started.
