ARTIFICIAL INTELLIGENCE (AI) SOLUTION TO AUTOMATE TRADE VERIFICATION PROCESS

CLOSING DATE AND TIME: DECEMBER 7, 2021 @ 5.00 PM WASHINGTON, DC TIME

The Capital Market and Investment Trades of the Bank are captured in the trade life-cycle systems. These trades are executed with the counterparty and process of entering the trades are out of scope of this document. This document lists out the details of how these trades captured in WBG systems, are compared against the details of the same trade, captured in the trade confirmation documents (Term Sheets) received from the counterparty. This is to ensure that all the economic and legal terms of the trade are correctly captured both by the Bank and the counterparty. Such a verification process will ensure that at the time of settlement of the trades, there are no issues between the WBG and the counterparty, and the accounting treatment and valuation of trades would be complete and accurate for financial reporting.

Currently all Term sheets, received from the counterparty by the WBG team, are manually verified, against the details of the same trade captured in WBG trade capture and life cycle management systems. In order to overcome the limitations stated above, the Bank has planned to implement a solution, which can “read” the Term Sheets received through email or stored on a shared folder. With the AI-based solution, it is expected is that the process of trades trade entry will continue to be entered/ booked, as is currently being done, but, on receipt of the trade confirmation document from the counterparty, the new (proposed) Artificial Intelligence based System should read these trade confirmation documents (xls, pdf, images, etc) and extract the appropriate data from these documents as a json/ xml  file.

The solicitation may be obtained by sending an email to the designated Category Managers, referencing the following information: 

1. Solicitation Number 

2. Company Name 

3. Contact Person Name and Title 

4. Address 

5. Telephone Number 

6. Fax Number 

7. Contact's Email Address 

A copy of the solicitation will be sent to organizations that have replied to and are eligible to receive this advertisement. All requests and questions regarding this solicitation shall be directed to the following designated Corporate Procurement Category Managers:

Narayanan Ramesh at nramesh@worldbank.org (mailto:nramesh@worldbank.org) and Roman Majtan at rmajtan@worldbank.org (mailto:rmajtan@worldbank.org)