First Fintech & Banking procurement framework developed by TPA, and launched by technology procurement specialists CPRAS, with suppliers including
This means that councils, health and education institutions, charities and emergency services are among those who can now access modern banking and related services, delivering proven savings of more than 30% on current costs. In many cases the savings can reach over 80%.
The frameworks, built using the benefits of the latest best-in-class technology, come fully-tendered and are OJEU-compliant1, meaning they offer a complete procurement package which is both streamlined and takes all risk out of the process for the public body.
"For example, the average processing cost for a council accepting a card payment is 63p, yet our framework solution can cut that to just 15p - and the council gets its money immediately, rather than having to wait several days for settlement from the bank. This means that our first Fintech framework has the potential to save us, as taxpayers, £millions in costs, which can instead be invested in delivering the essential public services that we all rely on."
Hallewell continues: "
Ed Maslaveckas, CEO and Founder of data specialists Bud, said: "Open Banking was created from the belief that financial data can create a huge amount of value for for people, businesses and the economy, so it's great to be working with the TPA on realising that value within the public sector.
"We spend a lot of our time talking to financial institutions about how to combine robust process with friction-less experience, and the TPA has done exactly that with this framework, making it simple for public bodies to work with Fintechs and have confidence that a good level of due diligence has already been done."
One major high street supplier of banking and card processing services within the frameworks sees the benefit on both sides. "We are delighted to be part of the new TPA framework for Banking Services and Merchant Acquiring," says
"At a time when all in the public sector are under even more pressure than ever, this move will allow
"Being on the framework, and working with the TPA, means that we can both continue to support existing
"We are very much looking forward to working in partnership with the TPA."
TPA's
"TPA and its delivery partner, CPRAS, are proud to take the first step towards making these solutions available to the very institutions that so desperately need them."
For more information about the TPA Framework Services, delivered by CPRAS, contact: hazel.stenson@cpras.co.uk
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NOTES TO EDITORS
TPA is a not-for-profit membership association that promotes the efficient and well-informed adoption of emerging technology solutions by government bodies - www.thetpa.uk Fintech experts CPRAS are the framework delivery partner of the TPA, and uses its technology expertise to make society more ethical and equal for all - www.cpras.co.ukCPRAS has practical experience of the pressures on both Public Sector and commercial organisations to reduce costs and comply with ever-changing legislation. Partners and suppliers currently working on the framework include:
Adyen
Allpay
Equifax
GCI
Bud
Invictus
New Social Economy
Services available through the Framework are:
Modern bankingMerchant ServicesPayment GatewaysSpecialist DD ServicesCall masking and IVR (protecting cardholder data for phone payments)Open banking paymentsOpen banking ID management & affordability assessmentsEviction & repossession reduction programmes
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