LPS CORP - Provision of Banking Services - RFQ 15218794

Lancashire County Council (the Authority) is seeking to appoint an investment grade commercial bank to process the financial transactions of the Authority as well as other organisations for which the Authority provides banking and treasury management services via annual service level agreements. These organisations currently include the Police and Crime Commissioner for Lancashire, Lancashire Combined Fire Authority, Lancashire County Pension Fund, and Lancashire County Developments Ltd.

The Authority currently manages banking services by operating six main accounts, three supplementary accounts, and circa 300 low value/low volume Imprest/sub Imprest petty cash accounts. These are structured in a way that allows for pooling of balances for certain accounts.

The Authority requires an investment grade commercial bank to provide and maintain these accounts, providing BACS and CHAPS clearing, faster payments, cash processing, foreign payments and currency and any other financial transactions that may be required. There is also a requirement to provide online banking facilities.

The Authority intends to utilise a lifecycle costing approach to this tender. More specifically, the Authority has developed an estimate for the cost of change that the Authority will incur to update the information technology of the Authority's financial systems in the event of a change of provider. This figure will be factored into the financial evaluation as described in the tender documents.