Capita : awarded finance services contract expansion by London Borough of Bexley

London Borough of Bexley has expanded its contract with Capita plc (Capita) to include transactional finance services.

Following the expansion, Capita is now running the accounts payable and receivable services for the Council, these teams process payments to customers and suppliers.

The six-year, £2.96m deal, commenced on 1 November 2021 and builds on the council's long-term revenues and financial assessment contract with Capita.

Capita secured the expansion to transform the service for Bexley residents and invest in improving the experience of customers and suppliers who use it.

The transformation will include deployment of their state-of-the-art document scanning and invoice matching capability that they use successfully today across a number of local authorities that they support.

Capita's transformation could save the council up to £1m over the lifetime of the arrangement.

Paul Abraham, Managing Director and Client Partner of Capita Local Public Service said;

"We are delighted to be supporting our partner in this new area. Through modernising the service with this technology, we will help improve the customer experience by further speeding up processing and turnaround of payments to customers and suppliers - something that has always been important, but never more so as businesses emerge and recover from the pandemic."

Councillor David Leaf, Deputy Leader of the London Borough of Bexley and Cabinet Member for Resources added;

"Capita is one of our longstanding and trusted partners and we are pleased to be working with them to improve services for our residents, reduce costs and increase productivity."

Notes to editors:

The total IFRS 15 transaction price (order book) is £2.96m.

1. Capita has been a partner to the London Borough of Bexley since 1996.
2. To date, Capita has been responsible for the collection of Council Tax and Business Rates and the administration and assessment of Housing Benefits and associated Financial assessments.
3. The current contract will run to 2028 with the option for a 4-year extension.

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About Capita

Capita is a consulting, transformation and digital services business. Every day our 55,000 colleagues help millions of people, by delivering innovative solutions to transform and simplify the connections between government and citizens, businesses and customers. We partner with our clients and provide the insight and cutting-edge technologies that give time back, allowing them to focus on what they do best, and making people's lives easier and simpler. We operate across three divisions - Capita Public Service, Capita Experience and Capita Portfolio - in the UK, Europe, India and South Africa. Capita is quoted on the London Stock Exchange (CPI.L). Further information can be found at: http://www.capita.com