R5798 Banking Service

Banking services for London Borough of Tower Hamlets. To procure a cost effective banking contract which will include the operation of bank accounts, cash/cheque handling and automated payments and receipts (i.e. BACS, Faster Payments, CHAPS).   An internet banking service (for payment initiation and balance/transaction reporting) will also be required. In recent years bank have been increasing pricing for local authority contracts so it unlikely that direct cost savings will be secured.  However, the procurement process will allow the Council to review banking related processes and may present the opportunity to make internal efficiency savings.