Tender Advertisement #1513843

REQUEST FOR EXPRESSIONS OF INTEREST
SELECTION OF A CONSULTING FIRM QUALITY AND COST BASED SELECTION METHOD -QCBS
DETAILED ASSESSMENT TO INFORM THE DESIGN OF A PAYMENT AGGREGATION MECHANISM TO IMPROVE ECONOMIES OF SCALE
Project Name Pacific Strengthening Correspondent Banking Relationships Project
Project Number P502591
https://projects.worldbank.org/en/projects-operations/project-detail/P502591
Activity and Reference Number (STEP) Consulting Firm: Detailed assessment to inform the design of a payment aggregation mechanism to improve economies of scale
Activity No. FJ-PIFS-468931-CS-QCBS
Implementing Agency Names and Country Pacific Islands Forum Secretariat, FIJI
1. The Pacific Island Forum Secretariat (PIFS) and seven pacific island member countries (Fiji, Kiribati, Marshall Islands, Samoa, Tonga, Tuvalu, and Vanuatu) have received financing (grants and credits) from the World Bank (WB) Group’s International Development Association (IDA) towards the “Pacific Strengthening Correspondent Banking Relationships Project” (the Project) and will apply part of these proceeds to the contract for Detailed Assessment to Inform the Design of a Payment Aggregation Mechanism to Improve Economies of Scale. The PIFs will act as the Implementing Agency for the regional project.
2. The Pacific Island Countries (PICs) are vulnerable to the withdrawal of correspondent banking relationships (CBR) that underpin international trade, tourism, remittances, disaster relief, and humanitarian financial flows. CBRs are an essential feature of the global payment system – they enable individuals, businesses, and governments to make and receive cross-border payment services in foreign currencies related to remittances, e-commerce, trade, and official sector flows. In this context, the Pacific Strengthening Correspondent Banking Relationships Project, has a sub-component to undertake a feasibility study for the Pacific Payment Mechanism (PPM). The Consulting Services (“the Services”) require a consulting firm to provide both a short-term solution and medium-term resolution to CBR withdrawal. The project offers a temporary but immediate solution to CBR withdrawal by providing CBR services to eligible financial institutions if a country loses its last CBR in a key currency.
For the purposes of this feasibility study, the PPM is a multilateral arrangement that would ideally be capable of: (i) facilitating ongoing access to settlement accounts and correspondent banking services in key international and regional currencies; (ii) providing multicurrency payment clearing and settlement services; (iii) implementing centralized tools for improving efficiency and effectiveness of Anti-Money Laundering (AML)/ Countering the Financing of Terrorism (CFT) compliance, and; (iv) providing technical assistance/support to prospective participating financial institutions. The duration of the assignment will be twenty for months (24).
The consultant firm is expected to demonstrate, with supporting documentation, that they have the following qualifications and experience.:
CRITERIA THE FIRMS QUALIFICATIONS AND EXPERIENCE.
1 The Firm is expected to have, as a minimum, fifteen (15) years proven history, supported by documentation in the following qualification s and experience. The Firm must be able to demonstrate an excellent knowledge of the Pacific context and familiarity with the structure of PICs’ financial and payment systems.
2 Demonstrated experience in correspondent banking services/networks
3 Demonstrated experience cross-border payments and AML/CFT.
4 Demonstrated experience in designing and implementing regional cross-border clearing and settlement arrangements.
5 Demonstrated three years’ experience in project management experience in donor funded, public sector projects
6 Prior experience in advising similar projects
7 Demonstrated high level interpersonal skills including managing complex relationships. Experience in the Pacific will be an advantage.
3. PIFS, on behalf of the participating member countries, now invites eligible Firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultant Firms should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (attach curriculum vitae and a cover letter with description of experience in similar assignments, similar conditions, etc.). PIFs is not requesting CVs of Key Experts, but you may provide an organisational chart and CVs of senior Management person to be involved with this assignment
4. The attention of interested Consultants (including firms) is drawn to paragraph 3.14, 3.16 and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers, dated September 2023 (“the Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Quality and Cost Based selection method set out in the World Bank Consultant Guidelines, Pacific Focus September 2023.
5. The detailed Terms of Reference (TOR) for the assignment is attached below and provides details of the scope of the services required along with specific deliverables expected. Further information can be obtained at the address below during office hours [insert office hours if applicable, i.e., 0900 to 1700 hours]. The TOR can also be found at www.tenders.net/forumsec
6. Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by e-mail) no later than 17:00 hours (Fiji Time) on Monday 31st March 2025
7. Address for Enquiries and Submission of EOIs
Pacific Islands Forum Secretariat
Attn: Rodney Kirarock, Program Officer/Timaima Qeranatabua, Procurement Officer
Private Mail Bag, Suva, PO Box 856, Suva, Fiji.
Tel: 679-3312600
E-mail: mailto:rodneyk@forumsec.org /mailto: timaimaq@forumsec.org