NEPO undertook extensive market and stakeholder engagement to identify the financial services available to the public sector. It was clear that the accelerating pace of digital technology and innovation are now changing the landscape of the financial services industry.
Key stakeholder engagement allowed us to recognise the requirements of our members and associates resulting in the addition of a new Corporate Payments Solution, following increased use of procurement cards during the COVID19 Pandemic.
The NEPO505 Payment Card Services solution will offer an effective route to market for the provision of Prepaid and Corporate Payments via a multi supplier, multi lot agreement.
Prepaid cards support public sector organisations and their diverse stakeholders needs. Prepaid Card accounts have seen an increased use during COVID-19 to disburse funds over multiple service areas, including support and care workers for critical services in the community, while supporting digital and social inclusion in the payment environment.
Commercial Procurement Cards provide Contracting Authorities with an electronic method to purchase goods or services. The cards harbor many benefits such as supporting the prompt payment code through faster payments to suppliers, saving time and money through purchase order elimination and enhancing spend control and transparency.
Additional procurement solutions will also be added in 2022 as NEPO, ESPO and YPO aim to procure a Dynamic Purchasing system for Financial Innovation and Digital Payments alongside a General Banking Services solution.
NEPO anticipate that the Invitation to Tender (ITT) for the Payment Card Services solution will be issued in February 2022. Interested suppliers should visit the NEPO Portal to find out more and express an interest.