Core Processing Contract Negotiation

Because ICI negotiates Core Processing contracts for hundreds of banks and credit unions, we are able to put your financial institution in a better bargaining position.

Client Challenges
Solutions / Benefits
Our Experience

Client Challenges

Once vendor evaluations are complete, the contract negotiation process begins among top selected vendors. The banks and credit unions that can obtain inside information on those vendors are better positioned to request and obtain best and final pricing. You also have to know how to read and scrutinize vendor proposals that are often lengthy, confusing and full of legalese. Understanding what questions to ask, what terms and conditions should be added in your best interest and what reasonable support terms are, all give you an advantage in negotiating these deals.

Solutions / Benefits

ICI has negotiated with virtually every major core processing vendor. We have meticulously constructed more than 900 vendor contracts among our 500 clients. ICI maintains a proprietary database of vendor pricing and service terms upon which we can draw. This information works to your advantage during contract negotiations. When you work with ICI, we will help you identify the best long-term solution for your bank or credit union. ICI will assist your financial institution in making a streamlined, solid vendor decision, while obtaining the software or outsourcing services you require at a fair market price.

Our Experience

“ICI assisted us in identifying the best solution, securing a competitive price and expediting the decision-making process. We also secured excellent contractual terms, performance conditions and service-level agreements with financial penalties. ICI gave us the inside scoop on vendors, saved us time and helped us make an objective decision. Your conversion consultants also kept us informed each week via conference calls and onsite meetings.”

Robert Streit
Vice President,
Beneficial Savings Bank

Here are just a few examples of Core Vendor Evaluation/Contract Negotiation engagements that ICI has delivered:

 

  • California Bank: $230M assets
  • Colorado Bank: $210M assets
  • Delaware Bank: $355M assets
  • Illinois Bank: $120M assets
  • Kansas Bank: $325M assets
  • Louisiana Bank: $120M assets
  • Maryland Bank: $1.4B assets
  • Maine Bank: $920M assets
  • Michigan Bank: $3.3B assets
  • Missouri Bank: $360M assets
  • Montana Bank: $145M assets
  • Oklahoma Bank: $220M assets
  • Oklahoma Bank: $240M assets
  • Oregon CU: $250M assets
  • Pennsylvania Bank: $145M assets
  • Pennsylvania Bank: $700M assets
  • Virginia CU: $180M assets
  • Wisconsin Bank: $365M assets
  • West Virginia Bank: $265M assets