News Column

Australia,New Zealand : NEW ZEALAND puts out a banking contract to tender after 2 decades to upgrade its system

July 10, 2014

The New Zealand government is putting its banking contract to tender for the first time in more than 2 decades.

The country's banking contract is being by the Westpac bank, is worth millions of dollars and covers transactions worth more than NZ $450 billion (US $392.43 billion) each year.

Core banking services haven't been tendered for over 20 years and banking trends and technology have evolved during this time which is the reason for the tender.

The tender is an opportunity for payments and banking suppliers to work with government to create a modern banking solution that is flexible to accommodate future innovations.

Banking services for Inland Revenue department would remain with Westpac as the department is undergoing a major transformation project.

The opposition, Green Party is being pushed for years to put the government's banking contract to competitive tenders, claiming the contract with Westpac is the only way that Australian-owned banks can extract millions in profits from New Zealand every year.

The government's banking should be done by a New Zealand bank. The government tender covers most of the government's banking including public service departments, state service agencies, about 2,500 schools and the wider public sector.

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Source: TendersInfo (India)

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