NPP vendor selection – Major Australian Bank

Context

A major Australian Bank wanted to participate in the New Payments Platform (NPP) scheme without being a direct subscriber. In order to adhere to the NPP deadlines and its payments strategy it needed to select an NPP sponsor urgently while adhering to best practices for vendor selection, company policies and maintaining probity.

Approach

Poseidon was able to leverage its experience and mobilise its network to conduct a gap analysis based on which the scope was agreed with the client. Working with the client team Poseidon was able to create the RFP consisting of:

• Functional and non functional requirements
• Technical specifications
• Desired features to ensure fit with bank strategy and road map
• Compliance with bank policies
• Template for detailed commercial, technical and functional offer

Outcome

Poseidon facilitated the end to end process of sponsor review and selection fat a short notice over a period of 4 weeks. The process involved 2 major sponsors, 8 days of presentations an interview involving a total of 57 people from the vendors and bank stakeholder teams.

The client was guided to prepare the requirements and selection criteria which was recorded during the selection process. Poseidon’s readiness and structured approach not only ensured probity but provide the steering committee with analysis and compilation of detailed, complex and copious information to helping them make an informed and evidence based decision within a very tight time frame.