techUK is delighted to partner again with NS&I onvits Rainbow Programme engagement, this time inviting suppliers to another event focused on the fourth of NS&I’s four procurement packages: Core Banking, Payments and Reporting.

This package will procure a strategic supplier of managed services to deliver and integrate core banking services and systems of record, including: customer accounts and account lifecycle management; pooled accounts; payment verification and transaction processing; interest calculations and capitalisation; statement generation; product development and lifecycle management; general ledger and product accounting; fraud detection and monitoring; account and customer management information; insight capabilities; reporting and knowledge management; and Open Banking.

Core Banking, Payments and Reporting will predominantly be delivered through automated, integrated, and efficient processes and controls (with low human touch and near-zero paper where automation is not viable). 

These will include services to support:

  • Account deposit and withdrawal management
  • Account level maintenance
  • Payment transaction processing (In and Out)
  • Premium Bond prize generation application and payment
  • Customer Data Management and storage (including Data capture standards, Image Repository)
  • Integration to UK payment schemes, either direct or through existing NS&I agency banking relationships
  • Financial crime detection investigation and management
  • Anti-Money Laundering (AML)
  • Treasury management including funding and defunding arrangements with HM Treasury and NLF (Net Liquidity Financing)
  • Document, monitor and perform all necessary controls including daily reconciliations of cash balances to GL balances at NS&I level
  • UK banking regulations / industry practices and ensuring effective controls are in place
  • Reporting:
    • General Ledger
    • Product
    • Transaction
  • Joined up data and proactive insight capabilities, leveraging a range of data sources, not limited to the core banking system
  • Knowledge management (enabling the business to discover new insights)
  • Make knowledge & insight available to other services, which could include:
    • Legacy customers and tracing
    • Interactions with Digital solutions, including Marketing & Content
    • Contact Centre and Back-office Operations
  • Effective collaboration with other NS&I Suppliers through transition and operational phases

NS&I views this event as the perfect opportunity to receive feedback from industry to help shape the Core Banking, Payments and Reporting package and explore the viability of our approach. 

During this event NS&I will:

  • share its vision and indicative timelines;
  • share its thinking on the people, ways of working and technology capabilities needed to support this package;
  • gain your insights and constructive challenge on relevant proven and emerging industry best practice; and
  • benefit from your insight into the optimal alignment between its requirements and that best practice.

As NS&I looks to disaggregate its contracts, the organisation is keen to access the best capabilities contained in the market; and all sizes of companies are encouraged to join if they think they have relevant solutions.

Book your place now for this exciting briefing!

Supplier sessions

NS&I would like to speak with several suppliers directly after the event to listen to  feedback on the requirements and challenge areas of our thinking. If you are interested in participating in one of these sessions, please contact NS&I directly at [email protected] stating your organisation’s interest and availability. NS&I will select a representative sample of service providers, software vendors and partners to assist with this process. Whether you participate or not does not have any bearing on your ability to bid for the opportunity. Sessions are expected to take place in February 2022 and further details will be announced in due course

More about NS&I

National Savings and Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer and a Government Agency. It is one of the UK’s largest retail savings organisations with over 25 million customers, best known for Premium Bonds, but also offering a wide range of other savings products. As it is backed by HM Treasury it offers 100% security on every penny of the over £220 billion currently invested. It is one of the largest savings organisations in the world, as well as a source of cost-effective debt financing. In addition to the services, it provides directly to UK savers, it also delivers services for HM Treasury, the MOJ and HMRC.

Heather Cover-Kus

Heather Cover-Kus

Head of Central Government Programme, techUK

Annie Collings

Annie Collings

Programme Manager, Cyber Security and Central Government, techUK

Ellie Huckle

Ellie Huckle

Programme Manager, Central Government, techUK

Ella Gago-Brookes

Team Assistant, Markets, techUK

Matthew Wild

Programme Assistant - Markets, techUK