CLOSING DATE AND TIME: SEPTEMBER 16, 2019 @ 12.OO PM (NOON) EDT
The current Loan Servicing System adopted by International Finance Corporation (IFC) since 2002 supports transaction capturing, processing and is the accounting system of record for loans and other debt products. Since the implementation of the system, IFC has come out with various new products and initiatives and there has been a continuous demand from IFC business users to include new features and functionalities in the application with improved key controls.
The Loan Servicing System capabilities assessment conducted by IFC suggests that there is strong evidence to warrant replacing the current lending system with a cost-effective, modern system that will support business needs and reduce compliance and IT risks at IFC. The study recommended seeking a more modern, cost effective, agile and secure system. IFC’s current lending system was reported as lacking necessary functions or incapable of being adapted to, or responsive to new changes, which forced users to depend on multiple peripheral systems, customization and unwieldy spreadsheets. This has resulted in very high operating costs, efficiency limitations, data quality and reporting issues, internal controls and compliance risks and security vulnerabilities.
The following are key limitations:
· Lack of Support for IFC Products - a majority of debt products require manual effort in Excel or other peripheral systems by IFC Business staff
· Technology Obsolescence – Current system relies on closed proprietary technology which is inappropriate as a foundation for enterprise software.
Costly maintenance & high IT complexity - To overcome the limitations in the current system, IFC has built costly peripheral systems & interfaces that has increased the total cost of ownership of the systems and has increased the complexity of the IT environment.
· Lag behind Fintech Industry – Current system is missing opportunities for harnessing disruptive technologies
The Key Benefits expected from the new Loan Servicing System are: Agility, Innovation, Integration and Security.
• Flexible platform to support innovation and manage more complex loan portfolios.
• User-driven configurations to deliver solutions for the servicing of more complex products.
• Simplified and integrated IT systems to align front and back-end functions.
- Risk Reduction and Compliance:
• Modern technology platform with Fintech industry standard components.
• Easing the implementation of new and more complex products, accounting standard changes, and growing reporting demands of clients and partners.
- Cost Savings:
• Reduce the maintenance of peripheral systems developed to address current lending system limitations
• Reduce the manual efforts of Loan Operations staff and reporting teams across IFC to compensate for current loan system limitations.
• Efficiency in transaction processing due to better integration and automation.
- Improved Client Experience:
• Configurable and agile system to meet clients’ demands.
• Enhanced client experience by enabling self-service and real-time access to information.
• Modern, client-oriented and integrated lending technology to meet client demands.
The primary scope of work is to provide a Loan Servicing System that would address the limitations in the current system, mitigate the risks faced by IFC with the current systems landscape.
The solicitation may be obtained by sending an email to the designated Category Manager, referencing the following information:
1. Solicitation Number
2. Company Name
3. Contact Person Name and Title
5. Telephone Number
6. Fax Number
7. Contact's Email Address
8. Confirmation that the program the institution intends to propose meets the criteria outlined above.
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 Manager(s):
Dianne Seetahal at email@example.com (mailto:firstname.lastname@example.org)
Phannath Million at email@example.com (mailto:firstname.lastname@example.org)
The WBG reserves the right to publicly disclose contract award information, including but not limited to, name of company receiving the award, brief description of services, and contract award amount, for any contract award valued over US$250,000. Offeror's proposal and contractual documents will remain confidential and therefore not subject to disclosure.
The World Bank reserves the right to reject any or all responses without recourse.