# R5798 Banking Service

> A sourced UK public sector contract award published by Tower Hamlets.

## Key facts

- Buyer: [Tower Hamlets](/buyers/tower-hamlets/contract-awards)
- Tender value: £175,000
- Published: 18 August 2022
- Contract start: 1 April 2023
- Contract end: 31 March 2028
- Stage: open_tender
- Procurement category: services
- Notice ID: b148d8f3-b9a8-4c1f-886c-ef0c114530a6-564692
- OCID: ocds-b5fd17-5f0920e0-74fb-4f28-a7e5-1e2a926f758c

## Description

Banking services for London Borough of Tower Hamlets\. To procure a cost effective banking contract which will include the operation of bank accounts, cash/cheque handling and automated payments and receipts \(i\.e\. BACS, Faster Payments, CHAPS\)\.   An internet banking service \(for payment initiation and balance/transaction reporting\) will also be required\. In recent years bank have been increasing pricing for local authority contracts so it unlikely that direct cost savings will be secured\.  However, the procurement process will allow the Council to review banking related processes and may present the opportunity to make internal efficiency savings\. To Tender: a\) Go to https://procontract\.due-north\.com/Opportunities b\) Register, c\) Search for tender opportunity "R5798 Banking Service", d\) Express an interest, You will be required to register on the portal to bid\.

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## Source

[View the original notice on Contracts Finder](https://www.contractsfinder.service.gov.uk/Notice/b148d8f3-b9a8-4c1f-886c-ef0c114530a6-564692)