GCI selected for PCI DSS expertise on new Banking and Finance procurement framework
2 December 2020
Managed Services Provider GCI is pleased to announce it has successfully been awarded a place on Lot 5 of the new Banking and Finance procurement framework, designed to save Public Sector organisations on their transaction costs for PCI DSS compliant payment services.
The Banking and Finance Framework is run by the Technology Procurement Association, a not-for-profit membership association that promotes the efficient and well-informed adoption of emerging technology solutions by government bodies. The framework is in turn managed on behalf of the TPA by procurement specialists CPRAS and is understood to be the first geared towards the provision of Fintech services to local councils and other public sector bodies in the UK.
Richard Hallewell, CEO of TPA, explains the cost savings that councils are expected to achieve: “Fintech technology is advancing so quickly that our solutions can deliver levels of savings, often as high as 80+%, as well as improving service levels at the same time. This compares with an average cost-saving of around 5-10% from traditional procurement exercises. For example, the average processing cost for a council accepting a card payment is 63p per transaction, yet our framework solution can cut that to just 15p per transaction - and the council gets its money immediately, rather than having to wait several days for settlement from the bank.”
Procurement frameworks de-risk and streamline the public sector tendering process. This framework is fully OJEU-compliant – a standard governing public sector tendering across Europe. GCI has been awarded a place on ‘Lot 5 - IVR and Call Masking’ which offers a range of solutions for accepting payments over the phone in both automated (IVR) and operator-staffed environments (call masking) that comply with Payment Card Industry Data Security Standards (PCI DSS).
Brad Semp, Sales Director at GCI, comments: “At GCI, we have invested heavily into product innovation and evolution to enable us to offer our customers leading-edge applications, boasting PCI DSS descoping, risk mitigation and significant returns on investment, whether deployed within contact centre or homeworker environments. Procuring under the Banking and Finance framework means councils are easily able to access these cost-effective solutions from proven technology suppliers and meet their regulatory compliance obligations.”