The Government put its banking services out to tender yesterday, for the first time in 20 years, releasing a request for proposals (RFP) for an all-of-government banking services solution, closing 10 October. The contract is currently held by Westpac.
Economic Development Minister Steven Joyce said banking trends & technology had evolved considerably since the last tender, and the request for proposals was an opportunity to put in place a modern banking solution that would be flexible enough to accommodate future innovation.
“An all-of-government banking solution is part of the wider Government procurement reform programme aimed at making Government buying as efficient as possible, encouraging innovation, reducing costs and improving competition.”
Mr Joyce said Inland Revenue would stick with Westpac for the initial 8-year term of its transactional banking services contract: “Given the major transformation programme Inland Revenue is already currently undertaking, its banking services in relation to Crown revenue will remain with Westpac for the duration of the initial 8-year term of the transactional banking services contract.
“However, Inland Revenue will participate in all of the sub-categories, including transactional banking for departmental expenses, card services & foreign exchange transactions. All other core Crown agencies will participate in full in the new contract.”
Attribution: Ministerial release.