Anglian Water has gone out to tender with an AMP7/8 contract for banking services worth an estimated £3.03 million.

The water company has gone out to tender for transactional banking services as part of a wider review of cash management and treasury processes, and to ensure the group benefits from best practice in the banking industry.

Anglian Water said the aim of the tender is to retain a first class banking service, which would include the maintenance of bank accounts, handling of payments, cash processing and retaining current banking facilities on behalf of Anglian Water at a benchmarked cost.

Anglian Water relies upon its banking service providers to ensure the secure transmission of money through bank accounts. The contract is for banking services at Anglian Water Group level but the majority of the banking transactions, and therefore costs, are within Anglian Water Services.

Looking ahead to a new contract for banking services, the successful bidder must be a UK clearing bank to ensure all transactions can be processed and consideration should be given to enhancements to the current service, for example:

• the ability for same day customer refunds
• API links for seamless data sharing and implementation of new initiatives regarding all aspects of cash management

The water company said the successful bidder will also recognize the key role they play as a tier 1 bank and be able to provide other facilities, such as access to debt markets and other corporate banking services as required.

Time limit for receipt of tenders or requests to participate is 31 May 2022 – click here to access the tender documentation.