Financial and insurance services

Description

Post Office is running this procurement process to identify and contract with a single supplier to deliver a pre-paid card solution that includes a physical card backed by a transactional account with digital app and web portal. The solution is primarily intended to target the under-banked and financially excluded and end users struggling with or wanting to take control of their budgeting. Post Office intends to expand the use of a pre-paid card during the lifetime of this service which could include but not be limited to coverage for any other demographic with a requirement for its application, potentially resulting in significant growth of the services provided under the contract. The procurement process is being run following the competitive procedure with negotiation (CPN). Post Office have a clear view of the product proposition, both for initial launch but also for development, and expect the supplier to work with us in developing features from the product roadmap. Post Office intends to expand the use of a pre-paid card during the lifetime of this service which could include but not be limited to coverage for any other demographic with a requirement for its application, potentially resulting in significant growth of the services provided under the contract. The supplier must be financially regulated and hold a current e-money license, with the capability of providing prepaid cards. The prepaid card should be capable of standard banking functionality and transactions including cash access over Post Office counters Additionally, the service must as a minimum include the development, production, implementation and operational aspects related to: account opening maintenance and operation of accounts (including dormant accounts), associated card fulfilment, card acquiring, issuing and management, provision of contact centre for customer servicing, and the provision of management information.