Contact: Corin Walson, APR
800/782.9042 ext. 3450
CO-OP Financial Services Selects Fortrex Technologies’ VendorPoint®
Agreement Includes Special Offer for Members who Opt for Relationship Management and Compliance Tool
RANCHO CUCAMONGA, Calif.,(October 16, 2008) – CO-OP Financial Services has signed with Fortrex Technologies, Inc. for its signature VendorPoint® technology, the industry’s first automated vendor management and privacy compliance solution.
CO-OP plans to use VendorPoint to manage its vendor relationships and policies. The three-year agreement with Fortrex also includes a provision for CO-OP to offer VendorPoint at a special rate reserved for its credit union members who sign up for the service by the end of the year.
Fortrex Technologies, Inc. is a leading provider of IT security, operational risk and compliance solutions. VendorPoint ensures that vendor management policies are being implemented by comparing vendor information with an organization’s policy requirements.
Given the increasing complexities of managing a credit union’s business operations, VendorPoint would allow credit unions to maximize their efficiencies and minimize risks, according to Kari Wilfong, Executive Vice President and CFO at CO-OP.
“We selected VendorPoint for its numerous turn key features, including an automated system that allows attachments to source documents; its user friendly format; incorporation of NCUA due diligence/vendor management guidelines; and its modifiable templates to assist in set-up,” said Wilfong.
Fortrex Technologies currently has 20 credit unions among its financial services customers, according to Mike Edison, its CEO. “This is our company’s first partnership of this nature with a credit union service organization, and we are especially honored to be partnering with CO-OP Financial Services as another excellent way to give their credit union members a needed competitive advantage. With this partnership, it is evident that CO-OP is firmly committed to helping credit unions succeed over other service providers.”
About CO-OP Financial Services
Established in 1981 and located in Rancho Cucamonga, Calif., CO-OP Financial Services (which operates CO-OP Network) is the nation’s largest credit union service organization. Wholly owned by its credit union shareholders, CO-OP provides volume discounts on products and services that include ATM network access, ATM processing, debit/card services and shared branching. With nearly 3,000 credit union members, 28,000 surcharge-free ATMs (including 9,000 deposit-taking), 120 million-plus monthly transactions and 26 million cardholders, CO-OP Financial Services is the No. 1 credit union EFT network and processor in the U.S. financial services industry. CO-OP Financial Services’ membership has access to 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus.
About Fortrex Technologies, Inc.
Founded in 1997 Fortrex Technologies, Inc. has been a market leader in providing IT Security, Operational Risk and Compliance solutions for over 600 customers in various industry sectors. Fortrex Technologies’ corporate mission is to be our clients’ long-term, trusted security and risk management advisor by ensuring the confidentiality, integrity, and availability of their data and systems through the provision of world-class, enterprise-wide information security services and solutions.
