With an implementation date of April 1, 2004, the project is entering the systems acquisition and implementation phase, and the bank is invites bids from from system suppliers.
Companies are required to provide comprehensive financials for the past three years and specific details on experience in providing RTGS solutions, including data on live sites.
Prime Minister Perry Christie had mentioned in his budget an RTGS would permit instantaneous processing of large-value transactions.
“In an economy where the volume of non-cash transactions has increased significantly in the last decade, more efficient clearing mechanisms are needed to ensure that the payments system reinforces as opposed to encumbers domestic commerce,” Mr. Christie said.
The Central Bank said much discussion has taken place during the past two years and, though current cheques and card systems work quite well, there is a clear consensus that a modernisation initiative is justified.
The Central Bank, having consulted with clearing banks, determined that the initiative should be undertaken as a matter of urgency.
A national payments council, consisting of the chief executive of each clearing bank and the deputy governor of the Central Bank, has been established to direct the long-term strategy of payments systems.
All systems must demonstrate compliance with internationally accepted standards and contribute to the overall risk-reduction objectives of the Central Bank.
A short list of three vendors will be selected to receive the full request for proposal (RFP), and those vendors not selected to receive the RFP will be notified in writing.
During the selection process, the Central Bank will treat all vendors equally, the bank said. To this end, “no vendor will be allowed to make individual approaches of any kind to the Central Bank unless specifically requested to do so.”
Vendors may submit requests for information up to start of business July 21. All queries from vendors, together with the Bank’s response will be distributed as a single document after that date.
Vendors are to provide:
* A comprehensive company profile including financial data for the last three years, corporate structure and history.
* A detailed description of specific experience in providing RTGS solutions including data on live sites.
* A brief description of the approach the company would take to implementing the solution including a typical schedule of events.
* A brief overview of technical solutions including hardware platforms, software language used, software architecture etc.
* An overview of the support programme offered as part of the solution.
By Lindsay Thompson, The Nassau Guardian
