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Pacific Strengthening Correspondent Banking Relationships Project: Detailed assessment to inform the design of a payment aggregation mechanism to improve economies of scale

Last update: Mar 6, 2025 Last update: Mar 6, 2025

Details

Location:Fiji
Fiji
Category:Consulting services
Status:Closed
Sectors:Banking
Languages:English
Funding Agency:
Contracting authority type:Multilateral organization
Eligibility:Organisation
Budget:N/A
Date posted: Feb 10, 2025

Attachments 1

Associated Awards

Project cycle timeline

STAGES
EARLY INTELLIGENCE
PROCUREMENT
IMPLEMENTATION
Cancelled
Status
Programming
Formulation
Approval
Forecast
Open
Closed
Shortlisted
Awarded
Evaluation

Associated tenders 1

Status

Date

Quick summary

AI generated
Objectives: The primary objective of the Pacific Strengthening Correspondent Banking Relationships Project is to enable continuous access to correspondent banking services for Pacific Island Countries by undertaking a feasibility study for the Pacific Payment Mechanism (PPM). The project aims to provide stable, self-sustaining solutions for market-based provision of CBRs, ensuring cheaper, faster, accessible, and transparent cross-border payments. It seeks to alleviate the pressure of low CBR profitability and economies of scale by consolidating CBRs and aggregating transaction processing, facilitating ongoing access to settlement accounts, and implementing centralized tools to enhance AML/CFT compliance. The project also plans to provide technical assistance to participating financial institutions.
Eligibility criteria: Eligible consulting firms must have a minimum of fifteen years of proven history and excellent knowledge of the Pacific context and the structure of Pacific Island Countries' financial and payment systems. Demonstrated experienc...

Description

NOTICE AT-A-GLANCE Project ID: P502591 Project Title: Pacific Strengthening Correspondent Banking Relationships Project Country: PNG & PI Notice No: OP00338145 Notice Type: Request for Expression of Interest Notice Status: Published Borrower Bid Reference
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