Tender Description:

Hashbank is seeking proposals from qualified vendors for an Operational Risk Monitoring Application that includes: Customers’ Onboarding & Transaction Monitoring to enhance the risk management framework. The solution should assist in identifying, assessing, monitoring, and mitigating operational risks, including fraud, AML compliance, transaction anomalies, and internal policy violations.

The purpose of this document is to inform the bidders about the purchaser's requirements and conditions for the submission of a complete tender proposal.

Tender Process Timeline:

• Tender Announcement: April 29, 2025 
• Submission Deadline for Proposals: May 19, 2025

The purchaser reserves the right to suspend, terminate, and/or announce a new tender at any stage of the process, at its sole discretion and without prior notice or agreement with the bidder(s). 

Information regarding the suspension or termination of the tender will be made available on the tender announcement portal.

The purchaser also reserves the right to amend or expand the scope of services/procurement requirements prior to signing the contract with the selected bidder. Any such changes will be published on the tender announcement portal. 

2. Scope of Work

The proposed solution should include, but not be limited to, the following capabilities:

2.1 Operational Risk Monitoring

• Real-time risk identification and alerting
• Risk assessment and scoring engine
• Key Risk Indicators (KRIs) dashboard
• Incident reporting and root cause analysis
• Audit trail and log management
• Integration with internal bank systems & applications 

2.2 Transaction Monitoring

• Real-time transaction tracking and anomaly detection
• Automated fraud detection using AI/ML algorithms
• AML compliance (PEP, sanctions, blacklists, and suspicious transaction reporting)
• Behavioral analytics and risk-based monitoring
• Integration with core banking, payment gateways, and third-party data sources

2.3 Customer Remote Onboarding Monitoring

• Real-time fraud detection during remote onboarding
• Behavioral analysis for risk-based onboarding decisions
• Continuous monitoring of customer onboarding patterns for anomalies
• Integration with existing identity verification system

2.4 Compliance and Reporting

• Regulatory reporting compliance (e.g., FATF, Basel III, AML regulations)
• Customizable reporting templates
• Automated alerts for compliance violations
• Data visualization and advanced analytics

 2.5 Integration & Architecture

• API-based integration with existing digital banking platforms & applications
• Cloud-based or on-premises deployment options
• Scalability for high transaction volumes
• Multi-channel support (web, mobile, API transactions)
• Secure data encryption and access controls

3. Vendor Requirements

Interested vendors must meet the following qualifications:

• Proven experience in providing risk monitoring solutions to financial institutions
• Compliance with international regulatory standards (e.g., Basel III, GDPR, FATF, etc.)
• Ability to provide ongoing technical support and updates
• Referenceable case studies or existing banking clients

4. Proposal Submission Requirements

Vendors should submit a comprehensive proposal including:

• General Information (Annex #1)
• Company Profile – Background, financial stability, and expertise.
• Solution Overview – Features, capabilities, and technology stack.
• Implementation Plan – Deployment timeline and milestones.
• Security & Compliance – Data protection measures and compliance adherence.
• Support & Maintenance – Post-implementation support plans.
• Pricing – Detailed breakdown of licensing, setup, and ongoing costs.(Annex #2)
• Client References – At least three financial institutions using the solution.

5. Evaluation Criteria

Proposals will be evaluated based on the following criteria:

• Functionality & Features (25%) – How well the solution meets the bank’s requirements.
• Scalability (5%) – Scale as needed to fulfill the bank’s growing demand
• Integration (13%) – Ability to integrate with existing platforms & Applications
• Security & Compliance (12%) – Adherence to regulations and security best practices.
• Implementation & Support (13%) – Deployment timeline, training, and customer support.
• Knowledge Transfer & Consulting (12%) – Provide relevant information and documentation to the Bank’s internal team for the purpose of launching new or updating existing indicators, behavioral models, and other analytical parameters.
• Cost (20%) – Competitive pricing and total cost of ownership (TCO).

6. Grounds for Disqualification

The purchaser is authorized to disqualify a bidder if:

• The bidder is listed in the register of debtors;
  
• The bidder’s property is subject to a registered tax lien, mortgage, or other encumbrance/restriction;
  
• The bidder is undergoing reorganization, liquidation, or insolvency proceedings;
• The documentation/information required by the tender application is:
  - Not fully submitted;
  - Not in compliance with the specified requirements;
  - Inaccurate or inconsistent with actual facts;
  - Falsified.
  - Refused provide demo account and/or other materials/instructions to duly support the application selection process
  
• There are other objective circumstances that make the bidder's further participation in the tender impossible.

Confidentiality:

The bidder shall be responsible for maintaining the confidentiality of any information provided by the purchaser, both during the selection process and after its completion, regardless of the outcome of the tender.

Tender Submission Terms:

• Offers should be submitted on procurement web-page: www.tenders.ge
• Submission Deadline is: 19/05/202518:00
• Bid currency: USD
• Auction type: Without auction
  
• Instructions to Apply for E-Tender can be found in the attached file
• Any question during the electronic tender process shall be made in writing and communicated through the Q&A platform of www.tenders.ge website

Additional Information:

For any questions or clarifications, vendors may contact Diana Kadaria at [diana.kadaria@hashbank.ge] Tel: +995 551 67 74 67, [George Keshelashvili] at [george.keshelashvili@hashbank.ge] by May 19, 2025

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