Prepaid Card Accounts operate in the same way as a standard UK bank account, including the option to withdraw cash from an ATM, make regular payments, pay vendors and receive regular statements. Prepaid Card Accounts do not have an accessible overdraft facility. The cards operate much in the same way as a standard debit card, whereby funds are preloaded by Contracting Authorities and used by the cardholder until the balance is exhausted.
Prepaid Card Accounts are primarily utilised for Social/Health Care-related direct payments and appointee programmes. Contracting Authorities may require the Prepaid Card Accounts for other purposes such as corporate expenses.
The benefits achieved through the use of Prepaid Card Accounts include:
- Reduced costs compared to traditional methods
- Income generation through reclaiming of unspent funds (typically understood to be 10% of original budget)
- Streamlining of operations and resources
- Improved customer service
- Increased control, transparency and analysis
- Improved security
- Faster responsiveness in the distribution of funds
- Supporting the Personalisation Agenda
There are many benefits to using the NEPO solution for Prepaid Card Accounts:
- Compliant with procurement legislation
- Our suppliers have a proven track record, experience, professional and technical ability
- Robust terms & conditions to underpin all call-off agreements
- Buyers are supported with user documentation and guidance from NEPO and the National Prepaid Network*
Notes on procurement process:
In light of the uncertainty surrounding COVID-19, NEPO has extended the existing solution to 31st March 2021 to allow sufficient enough time to achieve the desired outcomes set out in our strategy. The extended timescale will allow NEPO to ensure our service offering remains at the high standards expected by our members.
Interested suppliers should register on the NEPO Portal to receive email notifications of developments and opportunities regarding this solution.
NEPO is interested in meeting with suppliers virtually to provide details of the envisaged scope and requirements of the contract whilst exploring the financial services market place. If you would like to arrange a virtual meeting with regards to this procurement, please contact
corporate.services@nepo.org
*About the National Prepaid Network
NEPO supports and works closely with the National Prepaid Cards Network. The network was established in 2011 to identify and disseminate best practice in the use of prepaid cards in the public sector. Over 90 councils are now actively using prepaid cards to deliver direct payments and an increasing number of Clinical Commissioning Groups are piloting their use for the delivery of personal health budgets.The network is chaired by Colin Whitehouse, a former Senior Government Advisor with the Department for Communities and Local Government, with over 25 years experience of delivering cost-effective public sector improvements. Find out more at http://prepaidnetwork.org.uk/
