FORT LAUDERDALE Fla.—Vendor management is among the big challenges for many credit unions, but simply comparing invoices to the contractual agreement can often save credit unions a lot of money, according to Bill Lehman.
Speaking at Trellance’s immersion18 meeting here, Lehman, SVP of consulting services at Trellance, told attendees that his company recently consulted with one credit union and discovered it was overpaying $12,000 annually for a service from a vendor based on the contract it had signed.
“Operational and compliance consulting is a new direction for Trellance,” Lehman told the meeting. “We are getting in on the operational level, surveying what the credit union is doing today, what are their processes and procedures and giving them some firm recommendations on how to improve efficiencies.”
Lehman said a big part of that process is invoice review.
“We look at the credit union’s invoices and compare them to contractual obligations and see if there is any difference,” said Lehman. “It’s just about due diligence. Sometimes credit unions do not do a good job of reviewing their invoices and comparing them to the contract they signed.”
The company’s compliance consulting also helps credit unions cope with the increasing regulatory burden. The support includes access to Trellance’s compliance consulting team via email or a phone call, Lehman said.
Overall at the meeting, the company introduced more than 17 new solutions.
Assisting credit unions with vendor management will continue to be a focus for Trellance, said Lehman.
“We work with credit unions from end to end, helping them make the proper vendor selection walk them through contractual negotiations, make sure implementation mirrors what they agreed to in the contract, and then staying with the credit union throughout the relationship to make sure service level agreements are being met.”
Finally, Lehman touched on Trellance’s payments consulting services, which he said is delivering an average of 17% portfolio revenue growth for its client credit unions.