BAFT’s Regional Bank Council Introduces RFP Template – Trade Products

by User Not Found | Aug 16, 2017
Collaborating with members of the Solution Provider Committee, the RFP working group completed Phase one – Creating a Trade Products RFP.

During Q1 2017, BAFT’s Regional Bank Council (US banks with asset size up to $50 Billion), discovered many of its institutions were in the early stages of a vendor selection process for various technologies. Through subsequent discussions, the Council noted a lack of industry standard documentation around Request for Proposals (RFP) and with unanimous agreement, the RFP working group was formed.

 

Collaborating with members of the Solution Provider Committee, the group, led by Cole Augustine, Vice President - Global Trade Services at Frost Bank, completed Phase one – Creating a Trade Products RFP. The working group’s goal was to research and build a RFP template that would not only allow for standardization within the banks, but would foster more efficient response process from vendors.

 

The RFP – Trade Product Specific Template includes:

  1. RFP Cover Letter
  2. Submission Guidelines and General Questions
  3. Trade Product Specific Questions

 

The RFP template, which has already been incorporated by a number of BAFT member institutions, is a great tool for any bank regardless of size.

 

 

Special thanks to Ashley Allen (Arvest Bank), Greg Goska (Fulton Bank), Jaclyn Thorsson (Capital One) Joe Timmons (Banner Bank), and John Vilardo (M&T Bank Corp) for their significant contributions during Phase one. The working group would also like to extend its thanks to Surecomp and CGI for helping during the review process.

 

BAFT members may find the RFP template on our website (www.baft.org) under the Standard Documents section of the Library of Documents. Later this fall, the Working Group will announce the next set of templates for FX Software.

 

Members only direct link to documents: https://baft.org/policy/document-library/baft-rfp-template