Opportunity overview
The contract covers the provision of long-term prepaid card services to support various council operations including Adult Social Care, Children's Services, NRPF, and Client Finance. Prepaid cards enable fast electronic fund transfers, reduce manual payment processes, and allow real-time expenditure monitoring. The service supports cashless operations and protects vulnerable clients from financial abuse.
Awarded to
Amounts belong to published awards or contracts. Where several suppliers share one value, it is labelled as shared and is not a supplier-specific allocation.
Prepaid Financial Services
Matched by number
- Contract value
- £450k
- Awarded
- Not supplied
- Contract signed
- 7 Feb 2025
- Award ID
- 062881-2025-1
- Status
- active
- Identifier
- GB-COH 06337638
- Location
- London, UKI, United Kingdom
Classification
- CPV66172000 — Financial transaction processing and clearing-house services
Lots
- The procurement covers the provision of long-term prepaid card services to support multiple council operations including Adult Social Care, Children's Services, NRPF, Client Finance, and Education. The council currently manages approximately 2,000 prepaid cards across eight payment platforms. The service enables fast electronic fund transfers, reduces manual payment processes, and allows real-time expenditure monitoring. It supports a largely cashless operation and protects vulnerable clients from financial abuse. The contract includes a fixed monthly fee based on card volume (currently in the 1,001-3,000 bracket), plus additional charges for setup, replacement cards, reporting, and platform-specific changes. The successful provider, Prepaid Financial Services (PFS), was selected via direct award under the NEPO framework due to their ability to meet all requirements, including robust reporting, joint account functionality, and continuity of service.Value not stated