Ireland’s An Post publishes tender for banking platform service provider
An Post, the state-owned provider of postal services in Ireland, is looking for a banking platform service provider and has published an e-tender on the Office of Government Procurement website.
An Post says it “requires the services of a suitably qualified and experienced financial services provider to provide a modern, cost effective, and sustainable service for the An Post Current Account”.
The response deadline is 22 April 2022, 2pm GMT.
The post office already offers a current account alongside other financial services such as a current account for children, savings, credit cards, currency exchange, money transfers, bill payment, and insurance.
Its existing current account offering for individuals (not available for business/commercial) comes with BIC and IBAN numbers, a Mastercard debit card, a mobile banking app, and a monthly fee of €5.
The funds are managed by An Post. As An Post is not a credit institution, customers’ funds are not covered by the Deposit Guarantee Scheme in Ireland. However, it places customers’ funds in segregated accounts with financial institutions that are approved by the board of An Post to accept An Post deposits and that are authorised to operate in Ireland as credit institutions, in line with EU regulations and supervised by the Central Bank of Ireland.
Commitment to digital transformation
To keep up with the changing times and technology, An Post has gone through a major restructure.
“As the digital world closes one door on our mail business with e-substitution, it opens another with the world of e-commerce. We’re changing from one world to another, requiring us to make bold strategic moves to become a sustainable, profitable business,” it says on its website.
An Post has split its operations into two businesses, An Post Mails & Parcels and An Post Retail.
The latter has a major focus on financial services.
“We already manage more cash than any other organisation in Ireland and will seek to diversify and grow our financial and retail services while providing a trusted gateway to government services for our customers, both online and in person,” it states.
“We aim to re-invent the post office network so every town and major village in Ireland has a modern post office, providing the financial technology services our customers need in a cashless society.
“We are committed to digital transformation and brand rejuvenation so we can offer customer-centred competitive services.”