Purpose

The
Council is re-tendering its banking and merchant services
contract.  This report is to obtain
Cabinet approval to contract with the winning bidder, as the
contract is likely to be valued at over £250,000 and
therefore require a key decision.

Decision

RESOLVED – 

 
1. That
a 5-year contract to supply Banking and Merchant Services to
Tunbridge Wells Borough Council be awarded to Lloyds Bank beginning
1 April 2024 be approved.
 
2. That
an extension of up to 60 months at the end of the initial 5 year
contract term, contingent upon on the contract continuing to
provide value for money and satisfactory service performance levels
be approved.
 
3. That
authority be given to the Head of Legal Partnership to enter into
the contract with Lloyds Bank be approved.
 
REASON FOR DECISION: A
Banking and Merchant Services provider is required in order for
TWBC to continue its functions.