BRENTWOOD, TN, MARCH 6, 2016 —The Independent Community Bankers of America® (ICBA) today announced it has launched a new Preferred Service Provider relationship with Ncontracts® to bring their industry-leading vendor management system, Nvendor, to the association’s community bank members.
“Vendor management has become an increasingly demanding responsibility for community banks as they work with growing numbers of vendors to provide all of the services their customers’ request,” said Dan Clancy, ICBA executive vice president of services. “The solution provided by Ncontracts allows community bankers to manage all of these relationships quickly while ensuring regulatory compliance, enabling them to refocus on their core banking strengths.”
Nvendor provides community banks with a vendor management solution that reduces compliance and third-party vendor expenses and lowers the risks associated with vendor relationships using a unique combination of software and services. The Nvendor solution includes contract summaries, risk classification services, gathering services, compliance services, and vendor monitoring. One key feature available to Nvendor users is a summary of all the bank’s vendor agreements and due diligence written in detailed, business-friendly language. Email alerts are set up to remind Nvendor users about critical dates such as contract expirations, renewals, and pre-negotiated contract payments. Nvendor also provides a central storage location for all vendor contracts, which is a great relief and convenience for many community banks.
“Given the regulatory landscape with increased scrutiny on vendor management protocols, we felt the time was right to partner with a national association whose mission is aimed at reducing the regulatory burden on community banks,” said Michael Berman, Chief Executive Officer of Ncontracts. “We are honored by the support ICBA is giving Ncontracts and look forward to helping its member banks with a safe, convenient and cost-effective way to manage their third-party vendor relationships.”