Vendor Management Sells Well for Passageways
Passageways LLC said the increased demands of keeping up with outsourced services are helping to drive adoption of its vendor management solution.
The West Lafayette, Ind., CUSO said it has signed up more than 50 credit unions and banks as users of the new software module in its first year.
The company said recent signees include $1.6 billion Lake Trust CU in Lansing, Mich., $487 million Power Financial CU in Pembroke Pines, Fla., $3.8 billion Delta Community CU in Atlanta and $367 million Verity CU in Seattle.
The vendor management solution is available in in-house and hosted versions and provides a snapshot for each vendor that includes contacts and contact information, check lists and other information needed to manage the relationships and satisfy risk audits, the company said.
Passageways was founded in 2003 as a CUSO of Purdue Employees FCU and now serves more than 200 credit unions and other financial institutions.