True Digital Group has forged a partnership with financial risk management and compliance software provider Ncontracts to offer better and faster vendor data for banks and credit unions.
Through the collaboration, both companies aim to deliver banks and credit unions a more resilient and comprehensive vendor management as well as optimisation solution.
True Digital offers the True Digital platform which is a collaborative network designed for banks and credit unions to streamline vendor relationships.
The company and Ncontracts will also work together on their complementary solutions to improve the structure and organisation of vendor information to support their financial institutions.
The partnership will enable credit unions and banks that use Ncontracts to seamlessly share their data with True Digital. It will help financial institutions by eliminating the manual entry of vendor or product information.
Besides, banks and credit unions will have their existing records undergo cleaning, while vendor information will be maintained and updated moving forward.
Ncontracts CEO Michael Berman said: “Our collaboration with True Digital empowers financial institutions, giving them the ability to easily identify and select the most viable vendors as well as connect with peer institutions.
“Our Nvendor solution complements the True Digital platform with efficient vendor risk management software, services, and automation that supports every step of the vendor management life cycle to reduce third-party risk.
“By automating these tasks, banks and credit unions increase efficiencies while uncovering opportunities to reduce internal and external vendor costs.”
True Digital intends to offer a turnkey integration onboarding process for its bank and credit union customers through the partnership with Ncontracts.
Furthermore, the collaboration is expected to create a more comprehensive ecosystem for vendor management and optimisation.
True Digital Group co-founder and CEO Patrick Sells said: “Ncontracts shares our vision to help banks and credit unions leverage technology more effectively.
“We are committed to making it easier for institutions to discover and partner with the right technology vendors. By combining our strengths, we can now provide a more comprehensive solution.”
