Request for Quote (RFQ)

What is an RFQ?

A Request for Quote (RFQ) is a structured process for companies to solicit and receive quotes from participants. The RFQ process ensures transparency, efficiency, and competitive pricing.

RFQ Process overview

1. Add Interests, Participants, and Set Deadline:

- The RFQ holder adds the specific interests they are requesting quotes for.

- Participants are selected to join the RFQ.

- A deadline is set for quote submissions.

- The RFQ holder publishes the RFQ.

2. Participants Notified:

- Participants are notified via email and can view the RFQ Invitation on their home screen under the Company section.

3. Participants Enter Their Quotes:

- Invited participants submit their quotes directly in the platform.

- If the RFQ allows it, partial quotes can be entered.

4. RFQ Holder Reviews and Accepts Quotes:

- The RFQ holder is notified of submitted quotes.

- Quotes can be reviewed, and the RFQ holder can accept one or more quotes before the deadline.

5. Trade and post-trade 

Accepted quotes goes into the standard Trade flow, with generated trades and trade confirmations for each interest  in the accepted quote, and the normal trade process with e-signatures, trade page and flows into your trade inventory in the normal way.

RFQ Roles overview

GreenPowerHub uses role-based access control to manage RFQ features. Here are the key roles and their permissions:

RequestCreator:

• Allows you to create and send new RFQs.

• Requires that your company has access to the RFQ feature.

RequestResponder:

• Allows you to respond to RFQ by submitting Quotes on received RFQ invitations.

• Requires that your company has access to the Quote feature. Currently, Dec 2024, all paying subscribers has the Quote feature.

RequestViewer:

• Allows you to view RFQs and Quotes your company has subscriptions and access to.

• Ideal for team members who need visibility into company activities but won’t actively participate in creating or responding to RFQs.