PayPoint added to UK Open Banking public sector purchasing system

Ellie Duncan
26 Mar 2024

Digital payments provider PayPoint has been named as a supplier on Crown Commercial Service’s new Open Banking Dynamic Purchasing System (DPS) framework, used by public sector buyers seeking official providers of Open Banking services.

Jo Toolan, managing director of client services at PayPoint called it “an important moment” in the growth of PayPoint’s Open Banking offering.

Since making a £3 million investment in Open Banking software-as-a-service business Obconnect in 2022, PayPoint has launched Confirmation of Payee, payer name verification and account information services solutions.

Businesses can use ‘Confirmation of Payer’ to confirm in real-time that account information provided by a payer corresponds to the account number, sort code, and name registered with the bank.

“PayPoint already works with a number of government departments, but being on the DPS framework gives us more visibility among potential buyers and will help us to showcase how transformative and bespoke our Open Banking partnerships really are,” Toolan said.

“We see huge opportunity to expand our Open Banking business and make payments easier, faster and safer for people and businesses throughout the UK. We’re excited to build more relationships through the DPS framework that help to achieve that objective.”

The Crown Commercial Service, which supports the public sector in achieving maximum commercial value in procurement, has already delivered commercial benefits worth £2.8 billion in the past fiscal year.

NatWest became the first UK bank to be accepted onto the Open Banking DPS back in February.

Meanwhile, HMRC has confirmed it will be making use of the public sector procurement system to award its Open Banking services contract, which is going through the re-tendering process.