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Happy first anniversary to AoG Banking Services

27 October 2016

We are celebrating the first anniversary of the AoG (All of Government) Banking Services solution together with the Banking Centre of Expertise (CoE) – proud winners of the EY Procurement Excellence Awards 2016.

The solution
comprises two contracts - Crown Transactional Banking Services and AoG Banking Services Panel composed of Foreign Exchange Services, Payment Services, and Card Services.

While the Crown Transactional Services contract is open to the 34 Core Agencies involved in the Crown Consolidated Cash Management Process, the AoG Banking Services Panel contract is for all eligible agencies.

An Innovation work-stream is a key component of the AoG Banking Services solution, and a number of initiatives are in the pipeline.
The contracts offer best-in-class banking services on very attractive commercial terms tailored for government needs. More details are available on inSource.

How the year has gone: 



The benefits of the AoG Banking Services solution include direct and indirect savings:

  • through discounted AoG pricing (the first $1M savings were unlocked already in the first six months of the life of the AoG Banking Services solution);
  • through fit-for-purpose services (significant savings through low-cost FX transactions, interest on trust accounts, rebates on cards, etc.) ;
  • through collaboration and sharing experience (standard contract mean less negotiations time, shorter time to market, etc.).

Agency participation is growing steadily for the AoG Banking Services Panel contract with 34 Core Agencies benefiting from AoG pricing for transactional banking, 121 agencies are benefiting from FX services, 133 use Card Services, and 100 benefit from Payment Services of the AoG Banking Services solution.

David Good, Treasurer of University of Auckland says: “With pricing and terms already agreed in AoG contracts, moving to a panel provider is a smooth process. In addition, ongoing contract performance management is undertaken by MBIE. The AoG Banking Services solution has helped deliver savings on the cost of transactional services, and additional savings in areas such as legal services where new contracts do not need to be negotiated by individual agencies.

If you’d like to sign up to AoG contracts please follow the process found here. Agencies who are umbrella organisations, for example Councils with Council-controlled organisations or subsidiaries, can either procure on behalf of its eligible subsidiaries (a group LoA (Letter of Accession) is required), or each organisation may make their own arrangements (individual LoAs are required). Please check with the CoE to consider your options.
 

Last updated 1 November 2016