Over recent years there have been many developments in the world of banking and financial services and we expect the pace and scale of change to only increase. We’re moving to a world beyond cash and cheques, with technologies such as blockchain and real-time payments – also known as the New Payments Platform – becoming increasingly commonplace.
To keep pace with these changes in the world of banking and financial services NSW Treasury has embarked on an extensive banking tender process. This is ahead of the existing banking contract with Westpac expiring in March 2019.
We have the opportunity to ensure that all NSW Government agencies can leverage the benefits of the developments in financial technologies and services, including:
- automation of manual processes
- elimination of paper
- smart integration into back-end systems
- clever use of data enabling better decision-making and policy formation, and
- seamless and frictionless transactions.
The new arrangements will also offer potential benefits for both NSW citizens and businesses, including:
- Being able to pay accounts using a method of your choice
- Complete more services online – reducing paper and removing the need to attend in person at government offices or phoning a call centre, and
- Better overall customer experience.
The tender process
The tender process will have three distinct stages:
- Expressions of Interest (EOI) – allows financial market participants to demonstrate that they meet minimum requirements to take part in the process
- Request for Information (RFI) – eligible participants will be contacted and issued with an RFI that requests information and details of their capabilities
- Request for Proposal (RFP) – the best respondents will be asked to submit a response to an RFP detailing their solutions that address Government’s specific requirements.
The NSW Government’s tender process is designed to be consistent and to ensure the best outcomes for the State are achieved. The process is based on commissioning and contestability principles, in addition to value-for-money objectives.