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Banking and financial services contract

This contract covers transactional banking, customer payment and collection services.


This contract covers transactional banking, payment and collection services.

Lead agency: Department of Government Services

Conditions of use: Mandatory

Contract reference number: SS-08-2020

Arrangement type: Panel

Start date: 1 October 2021

End date: 30 September 2026

Mandated Agencies

This contract applies to all Agencies subject to the Standing Directions, as well as goods and services mandated Agencies.

To see a list of mandated Agencies read:

Agencies subject to the Standing Directions 2018External Link under the Financial Management Act 1994.

Agencies mandated to comply with goods and services supply policies.

Other entities

Other Government entities are encouraged to access this contract. These entities include:

  • local councils
  • government owned entities
  • government supported organisations

To determine eligibility, contact the Banking services team.

Key benefits

Key benefits of the new contract are:

  • competitive rates for banking services
  • increased support for the State's Central Banking SystemExternal Link
  • maximum coverage of functional and geographic requirements
  • continued investment in product development
  • access to economic spend data and insights
  • greater opportunity to influence social procurement outcomes through a broader supplier base
  • increased access to value-add industry products and services

What’s covered

Agencies can choose to use one bank or a combination of panel banks for different services.

Services and associated pricing provided by each of the banks are not identical. Compare services and pricing offered.

The banking and financial services state purchase contract comprises 4 modules:

Module 1 – Core transactional banking

  • transactional banking arrangements, bank account structures (including pooling arrangements), and ancilliary services such as account maintenance
  • a branch network to receive cash and cheques and offer encashment facilities
  • cheque issuance and collection/negotiation
  • BPay
  • electronic payment services including payroll and outsourced payments
  • electronic banking system capabilities, including an interface to receivables and general ledger systems

Module 2 – Merchant services / acquiring

Inbound credit card and debit card receipts including through:

  • electronic funds transfer at point of sale
  • interactive voice response
  • operator assisted payments
  • gateway services

Module 3 – Purchasing / Procurement cards

  • procurement cards
  • virtual cards
  • prepaid, rechargeable and one-off cards
  • interfaces to expense management systems

Module 4 - Omni Payment Channels

  • collection services including over-the-counter bill payments
  • other collection/payment services both in Australian Dollars and foreign currencies

What’s not covered

Local community banks

The panel arrangement provides multiple options to cover regional Agencies’ banking service’s needs, including easy to use online banking platforms and the option to bank with the local post office.

Agencies who have raised funds from their local community can hold these funds only with a bank of their choice, in line with the portfolio department's financial management policies. This includes:

  • donations
  • bequests
  • foundations

All other funds must be held with a panel bank supplier under this contract.

Central Banking System

  • Victorian Government banking contractual arrangements, contract performance and access to the Banking and financial services state purchase contract are managed by the Department of Government Services.

    The Department of Treasury and Finance is responsible for the management of the operational and technical aspects of the arrangement, including the Central Banking SystemExternal Link , which centralises surplus funds liquidity held in bank accounts.

    The Central Banking SystemExternal Link enables the Department of Treasury and Finance to centralise surplus funds held by departments and agencies in bank accounts across the Victorian Government. Centralising funds in the Central Banking System improves the efficiency of the State’s cashflow management task and reduces higher cost long-term borrowings.

    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.

    Funds held by department and agencies in Central Banking SystemExternal Link are held in the bank accounts provided by the state purchase contract panel banks. The terms, 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.


Commonwealth Bank of Australia

ABN: 48 123 123 124

Address: Level 21, Tower One, 727 Collins Street, Docklands, VIC, 3008


Contact Name: Edward Masters

Title: Director, Transaction Banking Solutions - Institutional Banking & Markets

Phone / Mobile: 03 9675 7714 / 0404 819 086


National Australia Bank Limited

ABN: 12 004 044 937

Address: Level 17, 395 Bourke Street, Melbourne, VIC 3000


Contact Name: Fiona Anderson

Title: Director, Government, Corporate & Institutional Bank

Mobile: 0467 774 402


Westpac Banking Corporation

ABN: 33 007 457 141

Address: Level 7, 150 Collins Street Melbourne VIC 3000


Contact Name: Felix Rosman

Title: Head of Public Sector Victoria

Mobile: 0419 238 179


How buyers join this contract

Buyers need to request access to the confidential information system to join this contract.

How buyers use this contract

Step 1: Review the Banking and Financial Services information

Review the Banking and financial services contractExternal Link and Central Banking System informationExternal Link .

Step 2: Confirm eligibility

Refer to Mandated AgenciesExternal Link .

This contract applies to Agencies subject to the Standing DirectionsExternal Link and Goods and services mandated Agencies.

For a non-mandated Agency to determine eligibility, contact the Banking and financial services team.

Step 3: Seek internal approval

Check to see if internal approval is required to use this contract.

Step 4: Decide on the services required

This contract is a non-exclusive panel arrangement. Agencies can choose to use one bank or a combination of panel banks for different services. Services and associated pricing provided by each of the banks are not identical.

Agencies may:

  • obtain services from more than one bank
  • select services from a module (that is, an Agency does not have to use all the services within a module).
  • Agencies can also choose more than one panel bank for different products and services within a module.

Refer to What's coveredExternal Link to review service modules provided.

Step 5: Complete a purchase order contract

The purchase order contract is available under the contract schedules (master service agreement) for each bank. This is in the confidential information systemExternal Link .

For an agency to change banks from one panel supplier to another, they must complete a new purchase order contract with the new panel bank.

Step 6: Submit purchase order contract

Issue the finalised purchase order contract to the relevant supplier(s)External Link of choice.

Reviewed 02 June 2023

Buying for Victoria

Primary contact:

Banking Category Manager Department of Government Services

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