In the latest sign of inter-league collaboration, the League of Southeastern Credit Unions said Monday that its LEVERAGE subsidiary, has inked a deal with the Mid-America Service Corp. of Bismarck, N.D., to start offering an online vendor bidding service on CU contracts.
The LSCU in Tallahassee, Fla. said its Ventelligence vendor management product is being made available to North and South Dakota CUs to aid in developing e-purchasing databases.
“Ventelligence’s ePurchasing allows credit unions to have vendors bid against each other for the credit union’s contract, and the savings through ePurchasing average about 30%,” said a league statement.
Ventelligence, said LSCU, “offers an automated system that provides a Web-based contract database, third party vendor risk assessments, due diligence templates, and an innovative ePurchasing strategy.”
The product allows CUs “to have vendors bid against each other for the credit union’s contract” and under the deal Mid-America Service Corporation, that league’s processing subsidiary, will have exclusive rights in the Dakotas to market Ventelligence.
“This presented a great opportunity for us to collaborate with another state association on a product that can benefit our members,” said Mid-America Service Corp. President/CEO Robbie Thompson.