MADISON, Wis. (3/10/10)--CUNA Strategic Services (CSS) Inc. has expanded its agreement with John M. Floyd & Associates (JMFA) of Baytown, Texas, which will provide credit unions with a program to enhance their bottom line by improving their contracts for processing and technology services. JMFA Contract Optimizer provides advice on areas such as pricing, service, support and conditions related to contracts for:
* ATM/debit card processing; * Core data processing; * Credit card processing; * Check vendors; * Telecommunications; * Image/item processing; and * Internet banking.
As part of the agreement, JMFA Contract Optimizer will be available to all credit unions and will be integrated into CSS's VendorTrack product. VendorTrack provides credit unions with a secure, centralized repository to manage third-party relationships and due diligence documents. “This service is a valuable addition to the products CUNA Strategic Services offers its member credit unions,” said CSS Senior Vice President Wes Millar. “With the vendor resources provided by VendorTrack and JMFA’s expertise in contract negotiations, credit unions will be able to make better-informed decisions when looking for the best service at the best price. This is especially relevant in today’s business environment.” Many credit unions dealing with economic challenges are looking to improve their bottom line without further budget cuts or additional member fees, according to John M. Floyd, chairman/CEO of JMFA. “With our knowledge of the industry and its ever-changing climate, we can help credit unions optimize savings for their products and services,” he said. Floyd explained that by analyzing the terms and costs of a credit union’s current contracts, JMFA’s experts discover areas of savings and improved service. They take that information and determine benchmarks for the existing vendors to meet to maintain a contract. The initial analysis is free, representing a savings of $1,500 to $2,500 over competing contract consultant fees. Since 2003, JMFA Contract Optimizer has had a 98% success rate, saving financial institutions more than $24 million by lowering the cost of contracts while improving the level of services received.