Lloyds, the UK’s retail and commercial financial services provider, has won a contract to provide banking services for several government departments and public sector bodies.
During an eight-year contract, which includes an option to extend by up to a further four years, Lloyds will process payments on behalf of UK Government Banking, which provides a shared banking service across central government and wider public sector customers, including the Department for Transport, Driver and Vehicle Licensing Agency, HM Revenue & Customs and the Ministry of Housing, Communities and Local Government.
The news comes in the face of Lloyds investing heavily in its cash management and payment systems as part of its digital transformation. The Group’s ‘Gem‘ platform handles large numbers of complex transactions with ease, while also providing advanced analytics and self-service tools to support clients. The platform’s proven capabilities make it a key differentiator in the cash management market.
John Winter, CEO of corporate and institutional banking at Lloyds Banking Group, commented: “We are delighted to have won this prestigious contract. We know that providing banking services for multiple government departments comes with great responsibility.
“We believe our industry-leading Gem platform, which processes and analyses large volumes of transactions, positions us as a leader in cash management. Our investment in technology has enabled us to deliver new and innovative solutions for our clients, and reinforces our commitment to helping Britain prosper now and for the future.”
The commencement of banking services by Lloyds will take place through a phased approach from 2025. Lloyds’ focus is to provide a smooth transition and ensure organisations’ payment services continue to operate as normal.