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Banking and financial services contract – transition requirements

The transition requirements for the new banking and financial services contract.

Contract transition – key dates and activities

The new contract will start on 1 October 2021 with a transition period of six months ending 31 March 2022.

Agencies must complete transition activities by a set time. Agencies are encouraged to start planning transition activities.

Support to manage the transition

The Banking Services Team will contact Agencies during the transition period to provide further advice on how to manage the transition process.

For any queries or further information please contact the Banking Services Team.

Transition milestones

1 October 2021

New Banking and Financial Services state purchase contract starts.

5 November 2021

Agencies with Central Banking System accounts and/or Westpac accounts to complete transition.

31 March 2022

Departments and agencies subject to the Standing DirectionsExternal Link must hold all bank accounts with state purchase contract panel members.

30 September 2022

Departments and agencies subject to the Standing DirectionsExternal Link must transition all other banking products and services to state purchase contract panel members.

Transition activities

Central Banking System Agencies and Agencies currently using one of the new SPC panel banks


Treasury and Finance is managing the transition from the current contract to the new contract by executing an “umbrella Purchase Order Contract” on behalf of all eligible entities.

Department of Education and Training Schools

Transition to the new contract for schools will be managed centrally by the Department of Education and TrainingExternal Link .

Department of Health

For entities listed under Sections 1 and 5 of the Health Services Act 1988 (Vic)External Link transition to the new contract will be managed by HealthShare VictoriaExternal Link .

Standalone Legal Entities

Agencies need to execute a short form Purchase Order Contract to transition from the current contract to the new contract. Short form Purchase Order Contracts will be sent to agencies by the panel banks.

If currently banking with Westpac, Agencies will need to execute the short form Purchase Order Contract by 5 November 2021.

The short form Purchase Order Contract transitions an Agency from their current arrangements with a panel bank to the new contract (with the respective bank) without having to complete documentation for individual products and services.

Following transition, to change services or banks, Agencies will need to complete a Purchase Order Contract using the form in the Master Supply Agreement, Schedule 3 located in the confidential informationExternal Link (Government users only).

Agencies procuring services directly from Australia Post

Australia Post individual contracts can remain in place until their expiry. Once expired, Agencies must procure these services from a bank panel provider.

Agencies under Standing Directions that are currently using non-panel banks

Agencies need to move all applicable banking and financial service requirements to the panel providers.

Transition of bank accounts must be completed by 31 March 2022.

All other products and services must be complete by 30 September 2022.

Help and support

Download the Banking services frequently asked questions document for additional information.

For help or assistance, please contact the Banking Services Team.

Reviewed 15 March 2023

Buying for Victoria

Primary contact:

Banking SPC Category Manager Department of Government Services

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