UK Infrastructure Bank embarks on system selection

The UK Infrastructure Bank (UKIB), a new government-owned bank, is looking for a core banking system and has issued a prior information notice (PIN) to this effect.

UKIB needs a new core banking system

UKIB is a policy bank focused on increasing infrastructure investment across the UK. It says it works with the local government and private sector “to finance a green industrial revolution and drive growth across the country”.

It launched in interim form last summer and is now looking for a core banking system to be fully operational.

The new solution will support UKIB’s end-to-end banking process across loan origination, portfolio management, risk and compliance, treasury, and finance.

The bank has appointed a third-party external adviser to assist with the next step of the process – early market engagement (EME).

EME will help the bank to gain “a better understanding of the technological possibilities and developments within the banking system space and the business structures that could support those banking systems”.

UKIB also wants to explore with suppliers what type of solution may be most suitable for its overall requirements such as software licences and hosting; life-time support including support of all set-ups, configuration, tailoring, proposed customisations, and integrations implemented to meet UKIB requirements; implementation, including design, build, testing, training, change management, data migration and integration; and ongoing upgrades.

Interested suppliers are invited to respond ASAP by email and UKIB will issue them with the EME briefing and Q&A. Suppliers should submit their response by 3pm BST, 19 April 2022.