True Digital Group , a provider of digital vendor optimisation network services, has partnered with Ncontracts , a vendor, compliance, and risk management solutions provider in the financial industry. The collaboration aims to improve vendor data management for banks and credit unions, potentially offering more streamlined processes and reduced risks.

The partnership centres around the synchronisation of True Digital and Ncontracts solutions to better organise vendor information. This alignment intends to simplify the exchange of data for financial institutions using Ncontracts' services, removing the need for manual data input related to vendor and product information. Moreover, the collaboration aims to address data accuracy and maintenance challenges, ensuring that vendor information remains up-to-date.

Ncontracts' CEO emphasises that the partnership introduces benefits such as vendor risk management software, services, and automation. This can lead to efficiency improvements and decreased third-party risks for banks and credit unions. The integrated approach is designed to support various stages of vendor management, from identification to selection and monitoring.

One of the key outcomes of the partnership is the proposed turnkey integration onboarding process for True Digital's bank and credit union clients. This process aims to facilitate a smoother transition to a collaborative solution. Additionally, the combined expertise of True Digital and Ncontracts aims to offer a more comprehensive and adaptable ecosystem for vendor management.

The co-founder and CEO of True Digital Group highlights the shared objective of aiding banks and credit unions in leveraging technology effectively. The partnership aligns with their goal to simplify the process of identifying suitable technology vendors. By combining resources, they anticipate providing a well-rounded solution for financial institutions.

In summary, the strategic partnership between True Digital Group and Ncontracts seeks to improve vendor data management within the financial industry. Through an integrated approach, the collaboration aims to refine the vendor information exchange process, potentially leading to increased operational efficiency and reduced risks for banks and credit unions. The focus remains on providing a practical solution to a critical aspect of financial institution management.

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