Overview of OPG Account and Transaction Services
OUR AIM AND COMMITMENT
OPG is committed to providing high quality cost effective banking services to the public sector. We aim to be the banking service provider of choice to the public sector, committed to developing services and making best use of new technology to meet the changing business needs of our customers.
OUR EXPERTISE
The Office of HM Paymaster General, OPG, has been providing financial services to public sector customers since 1836. Today, using advanced technology, we process around 40 million transactions in excess of £1,000 billion a year, through 2,000 accounts.
Today OPG provides a comprehensive range of banking transaction services - matching those available from commercial banks - and offers its electronic banking service to give customers account information and transaction capabilities on their desk.
Our expertise enables us to provide a reliable, easy to use service for our customers. These include Government Departments, Executive Agencies, Trading Funds, Courts, NDPBs, NHS Strategic Health Authorities, NHS Trusts and Primary Care Trusts.
PEACE OF MIND
A major feature of the OPG Banking service is the high level of security afforded by:
- Balances in OPG accounts are held at the Bank of England and qualify for credit under HM Treasury's cash management scheme. With Treasury approval OPG can pay interest on balances for certain classes of customer.
- The use of Payable Orders instead of cheques for making payments by paper. Payable Orders clear through the cheque and credit clearing system in the same way and to the same timescale as cheques. As an additional security feature transactions are independently verified against a separate schedule of issues allowing OPG to detect attempted fraudulent changes and accidental bank over claims automatically. Comprehensive reports are provided of paid, outstanding, stopped and out of date payments relieving customers of laborious payment reconciliation work.
- The OPG Internal Transfer system - a same-day, low cost and completely secure method of transferring funds between OPG account holders. Funds remain within the system at all times.
- Unique "Grade 3" user status for all BACS Direct Credit payments. This allows OPG customers to charge their BACS payments directly to their OPG account on Day 3 of the BACS processing cycle. If OPG customers use commercial banks for their BACS payments they may need to make funds available on Day 1 of the cycle at increased cost to the Exchequer.
- A dedicated Account Adviser team providing "one-stop" contact for all your needs.
CHOICE AND QUALITY OF SERVICE
Our wide range of technical skills underpins a programme of continuous service and product development. This ensures that we keep pace with the fast changing banking world. Customer User Groups and surveys provide valuable feedback about the quality of our services. This is regularly fed back into our development programme, giving customers the reassurance that their business needs and requirements for future service enhancements are catered for.
Our Customer Communications Centre handles general day-to-day enquiries while specialist Account Advisers will customers you with all matters relating specifically to their accounts.
Here is what one of our largest customers says about our services:
"The 2004/05 DWP Annual Customer Survey results were again very pleasing; 75% of users marked the overall satisfaction levels as "Excellent"; with the remaining 25% rating satisfaction levels as "Good". The comments received state staff are courteous and provide an excellent customer care."
Department for Work and Pensions (DWP)
OPG SERVICES
Our current services include:
- ACCOUNTS
Customer balances are held within OPG's statutory high-level accounts at the Bank of England. OPG accounts allow customers to make the full range of payments and receive credits for the transaction services below. Departments receive their voted resources into their OPG Supply Estimates Account. OPG accounts provide a range of detailed daily/monthly statements (information is also available electronically via OPG's Masterline service, or by telephone from our Customer Communications Centre), grouped accounts, automatic sweeps.
- ELECTRONIC BANKING
Electronic banking services using the OPG Masterline service "The Bank on your Desk". This provides balance and account information and allows customers to initiate a range of payments electronically including the transmission of high volume payable order schedule data to OPG (see also link to Masterline Bulk Schedules).
- PAYABLE ORDERS
Similar to payments made by cheque and cleared to the same timescale but with additional security and reconciliation.
- CHEQUE AND CASH RECEIPTS AND CASH WITHDRAWALS, INCLUDING LOCAL SERVICES THROUGHOUT THE UK
An extensive network across the UK allowing you to pay in cheques and cash directly into your OPG account and withdraw cash, either across the counter or via security carrier, and providing 3 day value for receipts.
- BACS - PAYMENTS AND RECEIPTS
OPG currently provide sponsorship, through the Bank of England, to customers wishing to make payments to third parties via BACS Direct Credit - the cheap and secure three-day electronic payment system. Funding of payments by Direct Credit when made via an OPG account do not require pre-funding; the customer's OPG account is automatically debited on the day the payee's account is credited. All OPG accounts can receive payments via BACS from third parties.
- STANDING ORDERS
A facility to make regular fixed payments to accounts outside the OPG network utilising the BACS system. Ensures regular payments are made securely and reliably.
- DIRECT DEBITS
A BACS service that allows OPG customers to pull agreed payments (either fixed or variable) due from third parties directly into their OPG accounts. A service for making payments to suppliers by Direct Debit directly from from OPG customer accounts is now also available.
- INTERNAL TRANSFERS
A simple, same day, cost effective and secure method for transferring funds to payees within the OPG banking system.
- BANK OF ENGLAND TRANSFERS
A same-day, cost effective and secure method for transferring funds from OPG customer accounts to other Bank of England account holders (outside the OPG system).
- CHAPS - PAYMENTS AND RECEIPTS
Urgent payments requiring same day cleared funds to commercial accounts outside the OPG system.
- MERCHANT ACQUIRING
Receive debit/credit card payments made by your customers, either over the phone, across the counter or via the internet directly into your OPG account.
- INVESTMENT FACILITIES
OPG offers interest-bearing accounts at competitive overnight rates to those customers who are eligible - please ask for details. Qualifying customers may also use the National Loans Fund Temporary Deposit Scheme offering money market related rates for fixed term deposits of £1 million + for 1 week or more.
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EURO SERVICES
Facilities for a full range of euro payment and receipt transactions operating directly through your sterling account. Alternately, OPG can offer euro denominated accounts (held at the Bank of England) to customers who wish to hold balances in euro.
- FOREIGN EXCHANGE
Drafts or electronic payments in foreign currencies can be provided.
- SERVICES FOR THE NHS
The full range of banking and account services is available to all NHS bodies - Strategic Health Authorities, Special Health Authorities, NHS Trusts and Primary Care Trusts - throughout the UK. Our team of Account Advisers is experienced in the specific banking needs of NHS bodies.
