all other products and services offered under the new Banking state purchase contract by 1 October 2022.all bank accounts to the new Banking state purchase contract by 31 March 2022.When do Agencies need to transition bank accounts and other products? Agencies can also choose more than one panel bank for different products and services within a module. Is there flexibility to choose suppliers?Īgencies can obtain financial services with any of the 3 panel banks for all or part of their services (that is, any module). Local councils are not required to use the contract. Agencies mandated by the Victorian Government Purchasing Board to use state purchase contracts.Agencies subject to the Standing Directions 2018 under the Financial Management Act 1994 External Link.The following Agencies must obtain banking, payment and collections services from one of the panel banks: select services from a module (that is, an Agency does not have to use all the services within a module).obtain services from more than one bank.Agencies can procure services from any of the panel banks, noting that the service offerings are not identical. The state purchase contract is a non-exclusive panel arrangement. Module 3 – Purchasing/procurement cards.The Banking state purchase contract comprises 4 modules: Services and associated pricing provided by each of the banks are not identical. What are the services (modules) in the new Banking state purchase contract?Īgencies can choose to use one bank or a combination of panel banks for different services. This followed an open tender process where large domestic and global banks, along with smaller and more specialised banks and service providers, including community banks, were invited to participate. Which banks are part of the new Banking state purchase contract? The State has the option to extend the state purchase contract for 2 further 2-year terms. The new banking state purchase contract commenced on 1 October 2021 with a transition-in period of 6 months ending 31 March 2022. When will the new banking state purchase contract begin? Westpac will continue to provide services and/or products under the state purchase contract during the transition period. A transition period applies from 1 October 2021 to 31 March 2022. The previous state purchase contract (with Westpac as a sole supplier) expired on 30 September 2021. Banking and financial services state purchase contract When does the previous state purchase contract expire? ![]() The terms and conditions and operational arrangements of accounts are governed by the state purchase contract and funds held in bank accounts can continue to be immediately accessed. ![]() ![]() Reducing long-term borrowings delivers net interest savings to the budget, provides support to the State’s credit rating, and the capacity to fund government services.įunds held by department and agencies in Central Banking System are held in bank accounts provided by state purchase contract panel banks. ![]() Centralising funds in the Central Banking System improves the efficiency of the State’s cashflow management task and reduces higher cost long-term borrowings. The Central Banking System External Link enables the Department of Treasury and Finance to centralise surplus funds held by departments and agencies in bank accounts across the Victorian Government.
0 Comments
Leave a Reply. |