Banco Popular becomes the primary bank for gov’t
Cabinet has said Banco Popular de Puerto Rico is the primary bank for the Government of the Virgin Islands and any transactions undertaken by the government will be through that financial institution.
This was indicated in a post-Cabinet decision document released on December 23.
“[Cabinet also said] the tender process for the procurement of a joint Banking Service and Payment Gateway Processor Service for the Government of the Virgin Island’s revenue collection be waived for a period of three years,” the document stated.
It noted that discussions between the government and Banco Popular started due to a good relationship that developed over the years.
“Negotiations for the joint Banking Service and Payment Gateway Processor Service commence with Banco Popular and Evertec, Inc, respectively, due to the existing relationship with both vendors and for business continuity,” the document said regarding the government’s decision to use Banco as its primary bank.
The government also negotiated rates charged by Banco Popular for Banking Service and Evertec, Inc for Payment Gateway Processor Service and it will be submitted to Cabinet for further approval.
The rates negotiated was not disclosed in the document.
Meanwhile, Cabinet has instructed the Ministry of Finance and the Attorney General’s Chambers to draft the agreements between the government and Banco Popular and Evertec Inc, on completion of the negotiations.
Recently, the government entered into a half-million-dollar contract with an entity referred to as ‘Premier Group’ for the configuration and implementation of a payment gateway.
The payment gateway is expected to provide access to all government services for revenue collection.