Summary
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 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
- 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
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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 , which centralises surplus funds liquidity held in bank accounts.
The Central 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 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.
Suppliers
Commonwealth Bank of Australia
ABN: 48 123 123 124
Address: Level 21, Tower One, 727 Collins Street, Docklands, VIC, 3008
Websitew: www.commbank.com.au
Contact Name: Edward Masters
Title: Director, Transaction Banking Solutions - Institutional Banking & Markets
Phone / Mobile: 03 9675 7714 / 0404 819 086
Email: edward.masters@cba.com.au
National Australia Bank Limited
ABN: 12 004 044 937
Address: Level 17, 395 Bourke Street, Melbourne, VIC 3000
Website: www.nab.com.au
Contact Name: Fiona Anderson
Title: Director, Government, Corporate & Institutional Bank
Mobile: 0467 774 402
Email: fiona.l.anderson@nab.com.au
Westpac Banking Corporation
ABN: 33 007 457 141
Address: Level 7, 150 Collins Street Melbourne VIC 3000
Wesbite: www.westpac.com.au
Contact Name: Felix Rosman
Title: Head of Public Sector Victoria
Mobile: 0419 238 179
Email: felix.rosman@westpac.com.au
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 and Central Banking System .
Step 2: Confirm eligibility
This contract applies to Agencies subject to the Standing 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 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 .
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 of choice.
Reviewed 02 June 2023