In financial services, every procurement decision carries weight. Banks, insurance companies, credit unions, and investment firms operate under strict regulatory scrutiny, and vendor selection directly impacts compliance, security, and client trust.
Yet many financial institutions still manage RFP creation and vendor evaluation through fragmented systems, manual processes, and unstructured vendor submissions — introducing unnecessary risk and slowing decision-making.
Paperfly changes that. Our platform helps financial institutions create compliant, bilingual RFPs, collect vendor responses in a standardized format, and instantly score submissions to make vendor selection faster, clearer, and more defensible.
Financial institutions face procurement hurdles that are unlike any other industry. These challenges can turn RFP creation into a slow, high-friction process that frustrates both procurement teams and vendors.
Navigating a web of regulations (OSFI, SEC, FINRA, GDPR, PIPEDA, etc.) is a constant challenge.
Protecting sensitive client and transaction data is paramount, requiring rigorous vendor security checks.
Vendor failure can result in significant financial losses and reputational damage.
Coordinating input from legal, compliance, IT security, and procurement teams is a complex task.
Managing international vendors often requires bilingual documentation and navigating different legal frameworks.
Paperfly was built to help financial services procurement teams move faster while staying compliant.
Start with RFP templates tailored for financial services procurement — from technology solutions to outsourced services.
Instantly create RFPs in English, French, or both to meet regulatory and regional language requirements.
Every RFP includes a vendor-facing Q&A form that mirrors your RFP’s structure, ensuring responses are consistent and easy to compare.
Vendor submissions are scored instantly against your chosen rubric, producing a ranked list based on security, compliance, cost, and capability.
Gather input from compliance, IT security, legal, and procurement into a single draft. Sequential editing is available now; live editing is in development.
Store all RFPs, responses, scores, and vendor communications in a secure, searchable archive for compliance audits.
Notify vendors of their selection status directly from the Paperfly platform — no more time-consuming email chains.
A mid-sized credit union needs to upgrade its core banking system. The procurement process must involve IT security, compliance, operations, and finance teams — and ensure the new vendor meets strict data security standards.
Each department submits requirements to Paperfly, including security, compliance, and operational needs.
Paperfly generates a bilingual RFP covering all technical, compliance, and support specifications.
Vendors respond via a structured online form, ensuring their answers directly match the RFP criteria.
Responses are scored instantly based on compliance, security readiness, functionality, and cost.
Top vendors are shortlisted for presentations. The team uses bulk notifications to inform vendors of their status.
RFP creation time reduced by 60%
All responses in a standardized format for easy review
Compliance documentation ready for audit
Create RFPs that meet the specific compliance needs of banking, insurance, and investment sectors.
Generate English and French RFPs instantly to meet Canadian or regional language laws.
Transparent, criteria-based scoring reduces bias and strengthens decision defensibility.
Collect and consolidate input from compliance, IT, legal, and procurement without document chaos.
Responses are easy to compare side-by-side, saving evaluation time.
Maintain secure archives for regulatory audits and board reporting.
Most procurement tools focus on contract storage or payment workflows. Paperfly focuses on the front-end of the process — building structured, compliant RFPs, collecting consistent vendor responses, and making evaluations faster and more objective.
For financial institutions, this means:
Less time spent chasing complete vendor responses
Reduced compliance risk
Clear, documented vendor selection processes
Improved transparency for stakeholders and regulators
Book a demo today to see how Paperfly can help your financial institution create bilingual, compliant RFPs, collect structured vendor responses, auto-grade submissions, and notify vendors — all in one secure platform.
Compared to manual RFP creation