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Finland : The Ministry of Finance decided to procure government payment services
Publish Date : 27-Sep-2019
The Ministry of Finance has made a decision on the acquisition of state payment movement services on 19 September. The acquisition is aimed at better preparedness and continuity in the administration of the state's payment movement.
During the new contract period, the state has two banks to send and receive payments. These banks are Danske Bank AS in Finland, a Finnish branch and Nordea Bank Abp. In addition, if necessary, a security bank can be set up, whose payment transaction services are entirely provided in Finland. OP Corporate Bank plc has been selected as the Bank for Security of Supply. Contracts will be awarded for the period 1.12.2020 to 30.11.2026.
The acquisition is aimed at better preparedness and continuity in the administration of the state's payment movement. The activities of the payments movement have a critical link with the financial position of public finances, the ability of society to function and the livelihood of citizens. The annual cash flow of the Finnish state payment movement is approximately EUR 180 billion.
The state's payment movement services were tendered from May 10 to July 5, 2019. The tendering procedure was carried out in accordance with the open procedure referred to in the Law on Public Procurement and Concessions, the Procurement Act. Tenders were selected on the basis of economic value for money. The Treasury is responsible for the introduction of new payment movement services by the State.
