RFEOI FX Settlement Netting Solution

Overview The Reserve Bank of Australia is seeking expressions of interest from suitably qualified suppliers for the provision of a Foreign Exchange (FX) Settlement Netting Solution. Scope The solution sought must meet the following functional and non-functional requirements: Confirmation CN1 Swift Connectivity: Is able to consume MT300 Swift confirmations. (HD) CN2 Treasury System Integration: Is able to use API to consume trade confirmations. (HD) CN3 Confirmation Matching Capacity: Is able to match unlimited amount of confirmation messages for the same currency/counterparty/value date into a netted settlement flow. (HD) CN4 Matching Rules: Is able to support the creation of custom matching rules, such as SSI discrepancies and BIC variations. (HD) CN5 Mismatch Alerting: Is able to display or send alerts to users on any mismatch confirmations. (M) CN6 Exception Handling: Is able to support the ability to manage any matching confirmations with exceptions and notations such as over the phone confirmations. (HD) CN7 Amendments and Cancellations: Is able to consume any trade confirmations that are cancelled and/or amended by RBA or our external counterparty. (M) CN8 Confirmation Management: Is able to allow users to review, approve and/or reject/undo any netted confirmations where required. (HD) CN9 Exception Alerting: Is able to display or send alerts to users where manual intervention is required. (M) CN10 Real-time trade matching: Is able to match trade confirmations in real-time. (HD) User Interface & Configuration UI1 User Interface: The solution has an easy to use user interface for back office operators to navigate. (M) UI2 Tolerance Configuration: Is able to be configured to accommodate tolerances within matching criteria, such as amounts, BICs, and other key fields. (HD) UI3 Display Configuration: Is able to be configured to view any historical matches as selected by the operator. (HD) UI4 Confirmation Visibility: Any unmatched confirmations sent by RBA or from external counterparty is visible to the user. (HD) UI5 Future dated confirmation visibility: Users can see future dated confirmations to identify upcoming netting opportunities. (M) UI6 English Language Interface: The solution must be fully accessible in English including all menus, labels and error messages. (M) User Maintenance US1 Accessibility: Users are able to securely access the platform with no maximum concurrent users. (M) US2 User Maintenance and Access: User access can be suspended and reinstated as required, including during periods of extended or compliance leave. (M) US3 Segregation of roles: Provides the ability to assign and manage distinct roles, ensuring appropriate segregation of duties. (M) US4 Accessibility: Supports 2-factor authentication, certificate or token-based access. (HD) Reporting and Audit RP1 Reporting: Can access, view, and save both current and historical reports. (M) RP2 Audit and Compliance: The solution must support compliance and auditing such as maintaining audit logs for all settlement events. (M) RP3 Reporting: Is able to list the trades included in each netting cycle for current and historical reports. (M) RP4 Reviews: Administrators can extract reports detailing user accounts and associated roles for review as required. (M) System Maintenance and Support SMS1 System Maintenance: The solution must support service availability in accordance with SLA requirements, ensuring minimal downtime and disruption to business operations. (M) SMS2 Outage Notifications: Users must be notified via email or other channels of system outages and scheduled upgrades in a timely manner. (M) SMS3 Swift Standards Updates: Changes introduced through the annual SWIFT Standards release must be incorporated, including the addition, modification, or removal of fields. (M) SMS4 Support Channels: The solution must provide accessible support channels for the timely resolution of incidents and service requests. (M) SMS5 Testing Environment: The solution should include a non-production testing environment for user testing and verification. (HD) SMS6 Infrastructure: There is no on-premise (RBA) infrastructure as part of the solution. (HD) SMS7 Account Support: Dedicated Account Manager or team responsible for overseeing the RBA's account. (D) SMS8 Training: Vendor to supply training for all users across all functions including relevant documentation. (M) SMS9 Implementation Support: Vendor to support all aspects of implementation of the solution and provide hypercare support. (M) Contractor Requirements Counterparty Compatibility CC1 Market Adoption and Connectivity: The solution must demonstrate proven production use by a minimum of ten FX market counterparties and support connectivity to major dealer banks operating within the Australian market. (M)