To RFP or not to RFP: Are you getting the best deal?

How often should a company use the request for proposal process to check on bank capabilities and pricing?

The request for proposal RFP process can be a complex and lengthy process, especially when going through the replies from potential banking partners. Some companies use the process as a tool to keep an eye on market prices and changes in banking capabilities, but is a frequent RFP process always healthy for a company

“We do an RFP roughly every five years,” said Jack Spitzer, assistant treasurer at Starwood Hotels and Resorts, which runs more than 1,000 hotels in more than 100 countries globally. “By the third or fourth year when the relationship with the bank has peaked and is stable, you need to check if...

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