State to save up to €30 on every procurement

A new system of invoicing will save government departments and state bodies up to €30 per transaction while earning banks millions in fees.

A framework agreement launched by Brian Hayes, minister of state at the Department of Finance, named Ulster Bank Ireland and Bank of Ireland as the winners of a lucrative tender to provide government bodies with purchasing cards that it is hoped will be used to process €200m of state expenditure a year.

An Ulster Bank spokesperson said that the bank will charge a small fee per transaction. “Ulster Bank receive a modest transaction service fee, the level of which reduces as usage increases.”