Request for Proposals (RFP) Financial Management System Development and Implementation

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Request for Proposals (RFP) Financial Management System Development and Implementation

Tender Information
Author NationTalk
Deadline November 30, 2020
Channel 752
Type RFP
Region West Bank, BC
Email [email protected]
Sector Private Sector
12477688 1
Score 30
All 1
Client First Nations Finance Authority


Request for Proposals (RFP)
Financial Management System Development and Implementation

Introduction

The First Nations Finance Authority (FNFA), located in Westbank, British Columbia, is requesting proposals from Vendors to provide a customized Financial Management System (FMS) software under an Enterprise Resource Planning (ERP) system.

The purpose of this Request for Proposal is to solicit proposals from software vendors, systems integrators, and implementation partners who can demonstrate that they possess the organizational,  functional, and technical capabilities to provide a customized FMS with modules that include a Customer Relationship Management (CRM), a customized financial trust system, and document generator that meets the FNFA’s needs. FNFA’s plan is to select the vendor to develop and begin its full implementation of the ERP, FMS, and its modules within an 18-month timeframe or less.

NATURE OF SERVICE REQUIRED

Background
FNFA has an existing FMS application, however it is not integrated within an ERP system. FNFA is a non-profit organization, whose mandate under the First Nations Fiscal Management Act (FNFMA) is to provide financial services to those First Nations that request FNFA Membership. Membership in the FNFA has two paths: borrowing membership and investing membership.  To date, we have over 112 members and growing.

FNFA receives loan requests from borrowing members. Our staff reviews each borrowing member’s revenue streams. Individual departments record their interactions with potential borrowing members (clients), First Nations Governments (organizations), and borrowing representatives (Chief and Council) and their staff (finance department) in a variety of means, using different desktop applications and isolated systems.

The existing FMS software is a debenture management system with long-term, fixed-rate financing with repayment terms up to 30 years; Short-term bridge finance requiring monthly interest payments; and Investment Services. As we evolve and implement new financing programs such as monetization, our current systems require to be replaced with up to date technology to meet the needs of FNFA staff and our First Nation borrowers.

Objectives and Scope of Work

FNFA is seeking a customized cloud solution that will meet our core requirements.  FNFA expects the Vendor to perform the related professional services (e.g. best practices guidance, training, project management, implementation, integration, and report development) in a timely and professional manner. The desire is to phase into a centralized system to take advantage of workflow, reporting, project monitoring and improved customer interaction tools such as mobile and web forms and surveys.

The ideal Vendor(s) shall have experience developing in successfully implementing the proposed solutions (using a Java framework) at similar financial organizations to FNFA. The successful Vendor shall be responsible for the final FNFA approved design, installation, implementation, and commissioning of the ERP, FMS and its modules. This includes development of mobile and web forms, user acceptance testing, system integration and connectivity to existing resources.

The existing resource is our current FMS which manages our members and their specific information regarding borrowing, the various loan modules that manage debenture and interim financing, and banking systems that define rates and funds our members participate within. This application has been developed upon since inception, with a variety of customizations made to the purchased product.

PROPOSAL REQUIREMENTS

Responses to this request must be submitted to the Stephen Blancher, on or before November 30, 2020 at 3:00 PM (PT). Please submit your proposal within the deadline via email at [email protected] or mail a memory stick to FNFA head office at the address below. Late proposals will be rejected.  All questions about the RFP shall be in writing via email to Stephen Blancher.

Attn:  Stephen Blancher, IT Manager

First Nations Finance Authority
202-3500 Carrington Road
West Bank, BC V4T 3C1
T: 250.768.5253
TF: 1.866.575.3632

FNFA expects to negotiate for the customized selected system and liaise with the selected Vendor for contractual and support issues. All responding Vendors must submit a detailed cost model.

As outlined, FNFA is seeking a replacement of its current Financial Management Systems and seeking a solution using Java under an Enterprise Resource Planning system. All bidders shall provide a fully integrated and comprehensive Financial Management System for three (3) administrators and up to twenty (20) users. It should include the following modules:

Modules Specifications, Terms and Conditions

Financial Management System (FMS)

 

i.       Main module for system management. User management and System variables should be configured from this module. Permission roles define access on granular level and applied appropriately to each User.

ii.      Member and Law management.

iii.     Rate, Fund, and Banking management.

1)    General Ledger (GL)

 

i.        Flexible Account management.

ii.       Voucher, Entry, Period management.

iii.      Reports that can be modified as per the users needs.

2)    Investment Management System (IMS)

i.        Debenture financing system, must handle the following objects:

a.      Debentures

b.      Issues

c.       Swaps

d.      Investments

ii.       Specific funds with special functionality must be processed here:

a.      Debt Reserve Fund

b.      Sinking Fund

iii.      Billing and Cashflow management

iv.     Interest and Fees management

v.       Reports that can be modified as per the users needs.

3)    Interim Financing System (IFS)

 

i.       Interim financing Loans and Cashflow management.

ii.      Debt Reserve Fund management.

iii.     Reports that can be modified as per the users needs.

4)    Operating Fund (OF)

 

i.        Vendors and Invoices management.

ii.       Cheque management system with integrated approval process and cheque printing.

iii.      Cashflow management.

iv.     Reports that can be modified as per the users needs.

5)    Short Term Debt (STD)

 

i.        Commercial Paper management.

ii.       Line of Credit management.

iii.      Irrevocable Letter of Credit management.

iv.     Investments management.

v.       Reports that can be modified as per the users needs.

6)    Investment Inventory (II)

 

i.       Documents, Issuers, and Brokers management.

ii.      Reports that can be modified as per the users needs.

7)    Secured Revenues Trust Account (SRTA)

i.        Revenue Stream, RS Type, and RS Schedule management.

ii.       Expected and Actual Deposits interface and management, Free Actual Deposits management.

iii.      Borrowing Capacity Profile management.

iv.     Reports that can be modified as per the users needs.

8)    Document Generator (DOC)

i.        Custom form configuration that takes variables from other objects in the system or creates variables specific to those forms.

ii.       Signature Blocks management.

iii.      Allows for a Master Form that can alter variables on a member basis.

iv.     Batch Generate documents from the forms that plugs in the variables from the Master Form.

9)    Client Relationship Management (CRM)

 

i.        Visually display progress of First Nations in terms of certification and signed documents.

ii.       Log communication history including email, phone conversation, presentations, and meetings.

iii.      Reports that can be modified as per the users needs.

iv.     Mobile app version so users can interact with the module if they’re not near a computer.

 

TECHNICAL PROPOSAL

The purpose of the Technical Proposal is to demonstrate the qualifications, competence and capacity of the Vendor seeking to undertake development and implementation of ERP, FMS, and its modules in conformity with the requirements of this RFP. The Technical Proposal should also demonstrate the qualifications of the particular staff to be assigned to the engagement which includes understanding of accounting concepts.

The award shall be made to the qualified Vendor whose proposal is most advantageous to FNFA with price and other factors considered. Other factors that may contribute to the selection process include, but are not limited to the following:

  • Project approach and understanding of FNFAs’ objectives and requirements;
  • Supplier’s implementation methodology and implementation success;
  • Feedback from customer references;
  • Supplier’s installed base and experience with businesses similar to FNFA;
  • Ability to integrate with other FNFA systems; and
  • Cost and quality of ongoing maintenance and support. Overall the ERP, FMS, and modules must provide the following:
  • Compatibility with FNFA’s Technology strategic objectives;
  • Alignment with the functional requirements as defined in this RFP;
  • An intuitive interface and an easy learning curve to facilitate rapid adoption and minimize the need for external on-going training services;
  • A system that is stable, secure and accessible and supports business processes, service delivery and transparency;
  • Vendor must have an ongoing and sustainable product and corporate strategy to avoid obsolescence.
  • Easy access to FNFA data for integration with other systems, reports and data analysis;
  • Comprehensive library of standard reports and tools for end user ad hoc reporting and queries; and
  • Foster collaboration and process efficiencies between departments.

COST PROPOSAL

An all-inclusive, not to exceed price relative to developing and implementing as described in the RFP should be provided as part of the RFP response. The quoted price should be itemized and should include all direct and indirect costs.  FNFA expects a customized ERP, FMS, with modules therefore costs should not include annual fees, license fees and seat costs.

FNFA will not be responsible for expenses incurred in preparing and submitting the Technical Proposal or the Cost Proposal. Such costs shall not be included in the Cost Proposal.

Information should be provided listing similar engagements that the Vendor may have had with other entities of this type, including performing similar tasks as required in this RFP.

SELECTION OF VENDOR

FNFA will select a Vendor after evaluation of technical and pricing components of the responses received. FNFA reserves the right to modify the process and schedule as events warrant. The anticipated selection schedule for the Request for Proposal timeline is as follows:

  • Request for RFP: October 28, 2020
  • Deadline for Vendors to Submit Questions: November 26, 2020
  • FNFA responds to Vendor Questions: November 27, 2020
  • Selection of Top Bidders: December 14, 2020
  • Contract Award / Notification to Unsuccessful Bidders: December 16, 2020

GENERAL TERMS AND CONDITIONS OF THE RFP

FNFA will have the right to extend the RFP closing date and time if circumstances so demand. The FNFA evaluation committee may request a shortlist of Respondent(s) to make a presentation to FNFA during the selection process. This will not in any way indicate that any proposal has been accepted or rejected. Please note that all materials will be the exclusive property of FNFA and will not be returned.

 

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