MADISON, Wis., March 9, 2010 (GLOBE NEWSWIRE) -- CUNA Strategic Services (CSS) Inc. announced an expansion of its agreement with John M. Floyd & Associates (JMFA) of Baytown, Texas, that will provide credit unions with a program designed to dramatically enhance their bottom line by improving their contracts for processing and technology services.
JMFA Contract Optimizer provides expert 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
- Internet banking
As part of this agreement, JMFA Contract Optimizer will be available to all credit unions and will be integrated into the VendorTrack product from CSS. 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."
According to John M. Floyd, chairman and CEO of JMFA, as credit unions continue to deal with economic challenges, many are looking for strategies to improve their bottom line without further budget cuts or additional member fees. "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 in order 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 percent success rate – saving financial institutions more than $24 million by lowering the cost of contracts and simultaneously improving the level of services received.
"We have partnered with JMFA since 2003," Millar said. "We know first-hand that they are the experts when it comes to providing workable solutions and value-added products for helping credit unions improve their performance and their bottom line."
About CUNA Strategic Services
CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions $40 million in 2009 through its national pricing programs. It provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, call (800) 356-8010 and press 3, or visit www.cunastrategicservices.com.
About JMFA
John M. Floyd & Associates (JMFA) is a Baytown, Texas-based firm specializing in profitability and performance improvement, serving more than 2,000 financial institutions in all 50 states and Central America. JMFA is recognized for 100 percent compliant overdraft privilege programs, training, executive placement, fraud protection solutions, as well as product, service, pricing and technology improvement consulting. As a direct result of its programs, JMFA has helped thousands of clients dramatically improve their performance and their bottom line. To learn more about JMFA please visit www.JMFA.com or call (800) 809-2307.
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