The UK government has initiated a procurement process to find an open banking technology supplier for its Universal Credit social security payments.
The Department for Work & Pensions (DWP) commenced an open banking trial for Universal Credit late last year, enabling claimants to securely and easily share their bank balance and transaction data online.
Currently, the DWP is seeking a supplier that can facilitate the sharing of balance and transaction details across all bank accounts, as well as the verification of these accounts. Future expansion into other open banking products is anticipated, so the selected supplier must be prepared to enhance its offerings.
As reported by Global Government Fintech, the procurement is being conducted through the ‘Open Banking Dynamic Purchasing System’ managed by the Crown Commercial Service.