DDaT24368 - Loan Management System - RFP

Introduction Innovate UK, part of UK Research and Innovation, is the UK's innovation agency. Our mission is to help companies to grow through their development and commercialisation of new products, processes and services, supported by an outstanding innovation ecosystem that is agile, inclusive and easy to navigate. We help companies, through three strands of activity: • inspire: to make the opportunity visible and compelling • involve: to bring relevant organisations and people together • invest: to convene the resources needed, including our own. In 2018 Innovate UK launched Innovation Loans to fund later stage R&D projects with a clear route to commercial success. To date, Innovate UK Loans have committed over £230m (total committed facility), supporting over 250 new innovation projects. As part of the UK government's COVID-19 support package, Innovation Loans launched Innovation Continuity Loans (ICLs) to support the continuation of R&D projects. The ICLs were available to SMEs and third sector organisations that have a challenge in continuing, completing or following on from an Innovation Project. For more information visit Innovate UK - UKRI Innovation loans - UKRI Aims and Objectives UKRI is seeking to procure an end to end loans software solution from application/origination, decisioning, loan management, servicing, monitoring and reporting to support the backend delivery of its Innovation Loans programme. The programme is expected to deliver 30-50 new loans/per year, supporting Innovative UK businesses. The aim of procurement is to: - Procure a cloud based solution that supports the end to end loan journey and process workflow (detailed in appendix 1) - Procure the delivery of a reliable, responsive and flexible cloud based loan management system which has evidenced capability to run loans of the same or similar type to Innovation Loans and flexible product features. - Ensure the provider has sufficient capability to train IUKL users on the system and be dedicated to the account for up to 3 months to ensure the team are comfortable using the system. - Ensure sufficient technical resource is available to support the migration of 260 loans from current loan system to the new system and setup integrations to existing IUKL systems. The Expectation is that the procurement contract is delivered and implemented by the 31st March 2025. The objectives are; - To reduce the total cost of end-to-end services, driving efficiency through reduction in manual tasks. - Improve the experience of staff and customers using all systems, optimising efficiency, user experience and business outcomes. - Provide a flexible solution that can withstand unexpected change, new products and respond rapidly to new business needs and enabling more effective decision making.  - Implement a modern E2E system solution, that creates an adequate control environment, is accessible and keeps pace with technology.