Standards and Practices Adopted in the Context of Fast Payment Systems (FPS) Tender

Procurement Summary

Country : USA

Summary : Standards and Practices Adopted in the Context of Fast Payment Systems (FPS)

Deadline : 24 Mar 2021

Other Information

Notice Type : Tender

TOT Ref.No.: 51148117

Document Ref. No. : 1273445

Competition : ICB

Financier : World Bank (WB)

Purchaser Ownership : -

Tender Value : Refer Document

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Tender Details

Expression of Interest are invited for Standards and Practices Adopted in the Context of Fast Payment Systems (FPS).

REQUEST FOR ExPRESSION OF INTEREST FOR SELECTION # 1273445

This Request for Expression of Interest is for a Firm Selection. Please log in as a valid Firm User if you wish to express interest in this selection.

Selection Information

Assignment Title

Standards and practices adopted in the Context of Fast Payment Systems (FPS)

Publication Date

10-Mar-2021

Expression of Interest Deadline

24-Mar-2021 at 11:59:59 PM (Eastern Time - Washington D.C.)

Language of Notice

English

Selection Notice

Assignment Country

· No Countries Assigned

Funding Sources

The World Bank Group intends to finance the assignment/services under:

· BB - BANK BUDGET

Individual/Firm

The consultant will be a firm.

Assignment Description

SELECTION FOR CONSULTANTS BY THE WORLD BANK GROUP

REQUEST FOR ExPRESSIONS OF INTEREST

Electronic Submissions through World Bank Group eConsultant2
https://wbgeconsult2.worldbank.org/wbgec/index.html

ASSIGNMENT OVERVIEW

Assignment Title: 1273445 - Standards and practices adopted in the Context of Fast Payment Systems (FPS)

Assignment Countries:
- (countries have not yet been selected)

ASSIGNMENT DESCRIPTION

The WB is seeking to hire a consulting firm to develop analytical technical notes that will focus on (i) messaging standards; (ii) Scheme Rules and (iii) future of fast payments. These notes will be part of the FPS policy toolkit.

FUNDING SOURCE

The World Bank Group intends to finance the assignment / services described below under the following:
- BANK BUDGET

ELIGIBILITY

Eligibility restrictions apply:
[Please type list of restrictions]

INDIVIDUAL / FIRM PROFILE
The consultant will be a firm.

SUBMISSION REQUIREMENTS
The World Bank Group now invites eligible firms to indicate their interest in providing the services. Interested firms must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc. for firms; CV and cover letter for individuals). Please note that the total size of all attachments should be less than 5MB. Consultants may associate to enhance their qualifications.

Interested firms are hereby invited to submit expressions of interest.

Expressions of Interest should be submitted, in English, electronically through World Bank Group eConsultant2 (https://wbgeconsult2.worldbank.org/wbgec/index.html)

NOTES
Following this invitation for Expression of Interest, a shortlist of qualified firms will be formally invited to submit proposals. Shortlisting and selection will be subject to the availability of funding.

Only those firms which have been shortlisted will receive notification. No debrief will be provided to firms which have not been shortlisted.

Attachments

· Optional TOR File

Qualification Criteria

· 1. Provide information showing that they are qualified in the field of the assignment. *

· 2. Provide information on the technical and managerial capabilities of the firm. *

· 3. Provide information on their core business and years in business. *

· 4. Provide information on the qualifications of key staff. *



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TERMS OF REFERENCE
Standards and practices adopted in the Context of Fast Payment Systems (FPS)
I. BACKGROUND
The development and implementation of safe, reliable and efficient national payments system
and remittances is a crucial component of the World Bank-s (WB) work in the financial sector
given its link to financial inclusion, stability and economic development. The WB provides
financial and technical assistance and policy advice to client governments, central banks, and
private sector entities in coordination with relevant public authorities.
Fast Payments1
, have emerged as a key development in the recent past in the world of
payments. This holds the promise for creating a new generation of more convenient and
accessible services. Further globally there are discussions on integrating various domestic faster
payment services to develop globally interoperable faster payment services. The WB has been
monitoring closely the developments of Fast Payment Systems (FPS) by central banks and
private actors across the World.
The Finance, Competitiveness and Innovation Global Practice of the WB is undertaking a study
of implementations of FPS across the world and which will result in a policy toolkit on the
implementation of FPS. The toolkit is being designed to guide countries and regions on the likely
alternatives and models that could inform their policy and implementation choices as they embark
on their own fast payment journeys.
The WB is seeking to hire a consulting firm to develop analytical technical notes that will focus on
(i) messaging standards; (ii) Scheme Rules and (iii) future of fast payments. These notes will be
part of the FPS policy toolkit.
II. OBJECTIVE
To develop detailed notes on the following aspects in the context of Fast Payment Systems
implementations: (i) messaging standards; (ii) Scheme Rules and (iii) future of fast payments.
These notes will be part of the FPS policy toolkit.
III. SCOPE OF WORK
The scope of work is to develop the three technical notes covering all the relevant aspects
including but not limited to the aspects listed below:
1 According to the Committee on Payments and Market Infrastructures (CPMI), Fast Payments are defined as payments in which
the transmission of the payment message and the availability of final funds to the payee occur in real time or near-real time
and on as near to a 24-hour and 7-day (24/7) basis as possible.
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A. Messaging Standards
i. Analysis of the decision-making framework for choosing message formats for FPS
a. What are the pros and cons of using proprietary messaging standards in the
context of FPS?
b. What are the pros and cons of using ISO8583 in the context of FPS?
c. What are the pros and cons of using ISO20022 in the context of FPS?
d. What are the linkages between transaction flow and processing steps with the
message formats?
e. Implications of choice of messaging format on customer authentication models.
f. Implications of choice of messaging format on system performance and scalability.
ii. Experience of payment system operators with proprietary messaging standards.
B. Scheme Rules;
i. Introduction to scheme rules in the context of FPS
ii. The various components of the scheme rules.
iii. Detailed analysis of what issues to include in scheme rules and different ways in
which those can be addressed
a. A detailed comparison of scheme rules for cards Vs Credit and debit
transfer Vs FPS
b. A template for FPS scheme rules
iv. How are schemes currently treated in payment system regulations? How does
scheme rules interact with regulations and regulatory requirements?
v. The issues that regulators should look at when reviewing scheme rules; and the
likely triggers for initiating review of scheme rules
vi. Different approaches to structuring pricing
vii. How to structure scheme governance?
viii. Implications of separating scheme governance from operation of payment system.
C. Future of fast payments
i. How does FPS fit in the overall National Payment Systems and what are the
various linkages?
ii. The likely evolution path of FPS.
iii. How do FPS intersect with developments in global stablecoins and Central
Bank Digital Currency (CBDC) and what are the implications of these for design
of FPS.
iv. What are the design considerations for establishing international linkages for
FPS.
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v. What are the trends in the broader retail payment space for e.g. “Buy Now Pay
Later” that impact FPS and what are the implications for FPS design?
vi. The implication for fast payments in the context of increasing shift towards
open banking and open finance; and increasing interest in CBDC.
IV. DELIVERABLES
The firm will deliver the following documents:
- General Overview and Inception Report: This report will provide a project plan,
framework that will be used for the analysis and will cover the annotated outline of the
three notes for review and feedback.
- Comprehensive notes: The three technical Notes as described above.
The Notes will be submitted in Word format, in English, and will have text, visuals/infographics
(and tables and graphs, where relevant) and an accompanying powerpoint version. The
content of the Notes will be based on the firm-s experience/ expertise, desk research, and
potentially interviews with relevant stakeholders.
V. DURATION
The assignment is expected to be completed within 60 days of contract signing, including 1-2
rounds of review/ addressing feedback from the WB team.
VI. REPORTING
The hired firm will work report to a World Bank task team leader. In addition to email
communication, the firm should expect to have video conference and phone calls with the World
Bank team, as needed.
VII. FIRM QUALIFICATIONS / SELECTION CRITERIA
A. The firm has provided services on topics that are relevant for this assignment for at least
10 years, of which minimum 5 years of recent work in digital payments with a strong focus
on innovative payments, interoperability, and retail payment systems.
B. The assigned team should include combination of proven expertise in various areas of
payment and settlement systems: legal and regulatory topics, business planning, human
resources, risk management, and technology.
C. The team leader should have at least a master-s degree and 15 years relevant work
experience and key staff at least a master-s degree and 10 years relevant work experience
(different combinations of academic and work experience will also be considered).
D. The

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