HM Revenue & Customs (HMRC) have placed tender for a financial data collection system.

The tender for a system for monitoring transactions by the Government Banking Service is valued at £3 million over a five-year period.

The request for tender also specifies the need for a flexible and adaptable to any future industry changes, with the ability to collect data from multiple financial institutions.

The contract is expected to be operating by the start of 2014, with a deadline of the 17th September having been put in place.

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