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11 February 2020
Karen Monks

Are you looking for a new system? If so, do you know about VendorMatch? Celent’s VendorMatch is a tool that helps you identify vendors who sell systems in the FI technology market. With over 200 different system types, VendorMatch is becoming the go to resource for the identification and long listing of vendor solutions in the financial technology systems market. Celent continually reaches out to vendors to join the platform and currently, there are over 1200 vendor products on the VendorMatch platform.

How does it work?

VendorMatch consists of two core modules - VendorMatch Discovery and RFX.

Celent’s VendorMatch Discovery (www.celent.com/vendormatch) is a research platform that provides a repository of vendor systems. It is not a procurement platform – you can’t buy a system on VendorMatch. We supply the data and the tools you need to find and evaluate IT and service solutions. Vendors list their systems for free and users can use the platform to search by vendor, product name, or by system type. Not every vendor is in there today, but more are joining everyday.

VendorMatch Discovery helps you scope the market for solutions and determine if a solution satisfies a set of requirement parameters (filters).The result is effectively a long-list of potential suppliers and solutions. From here, you can read information in vendor and product profiles, and for a modest fee create summary PDF reports for each solution that include company overview, key facts company data, a solution overview and high-level solutions capabilities criteria or download high-level comparison grids to compare a set of suppliers in a matrix view in Excel. All of this helps you to do the initial due diligence on suppliers and solutions to help you narrow down to a short list. The whole process can be managed on the Project Manager tool where you can track and report on your project from the creation of a list of longlisted vendors, through the research and shortlisting process, to your final selection (available for an extra fee). For instructions see User's Tutorial in PDF format.

What is VendorMatch RFX?

Celent is well known for our Xcelent ABCD vendor reports. We conduct in depth research about solutions in the financial services market every year. Prior to RFX, Celent asked vendors to complete detailed RFIs in Excel spreadsheets answering questions about their solution’s technology, features and functions, and client bases.

RFX took that process and moved it online.

RFX is a library of pre-completed Requests for Information (RFIs). Over 250 vendors to date have created an RFX survey for their system.Vendors use the platform to maintain a golden copy of their own RFI responses and can update it any time. The RFX survey instruments are created by Celent analysts who are leading experts in a given solution type. The RFX surveys are substantial enough to meet the requirements of the most rigorous selection process and are based on Celent’s experience with system selection projects.

Later in 2020, VendorMatch subscribers from financial institutions - or their advisers - can request access to the RFX Reports, and it is up to the vendor to authorise this on a case-by-case basis using Celent’s controlled release process.This allows anyone looking to buy a system to use RFX as part of their procurement process. Vendor data is not accessible by other vendors.

And the best part about all of this is that Celent’s analysts are here to discuss the vendors, their systems and VendorMatch with you. Try it out and give us a call!