While evaluating various Treasury Solution vendors, there are tons of questions or main points of concern need to be clarified before you select your vendor. Some of them are covered below:

Customer Support

Do you provide 24x7x365 customer support?
Which languages are spoken by your support team?
How is the help desk accessed? Is it live or messaging system?
Who will be the direct point of contact for support services?
How often you upgrade your systems? Does it have any impact on the client’s system operation?

These questions might seem easy but they play an important role in making the customer support service more convenient and available to you. It should be made clear beforehand that who will be your main point of contact. A dedicated system should be put in place which can take and forward your suggestions or requests to the customer support team.

Audits

How frequently your company is audited?
Please provide your external or internal technical audit procedure.
How do you safeguard client’s confidentiality?

Audits are important as they provide a continuous review of the effectiveness of risk management, control and governance processes within an organization. These questions are crucial, to protect your critical data.

Implementation

How do you define a completed implementation?
How many of your implementations have been completed on time and on the budget?
Have you implemented this service before?
How many active data centers do you have and where are they located?
What are the risks associated with any project implementation?

You can ask these questions whenever during the vetting process. While answering them, the vendor should remember the proverb, “Honesty is the best policy,” by Benjamin Franklin. At this point, project implementation is your priority. Make sure your vendor has all the information regarding a back – up plan in case of downtime, time it takes to implement the project and associated risks while implementation takes place.

Additional Questions

Do you have an online/email system for clients to enter suggestions regarding the service?
Have you experienced any DR incidents in the past 3 years?
What other services or products do you offer?
As a future client or partner, is the vendor willing to share release notes?
Geographically, where are your most of the clients located?

And some questions which are not related to a specific subheading mentioned above, but are equally important when it comes to selecting a vendor for the Treasury Solution.

Make sure your vendor fulfills all your requirements before you move toward the implementation stage. After analyzing these questions, you will have a clear picture of what you are getting from your vendor. This line of questioning will ensure that you make the right choice for your needs.

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June 22, 2018