LOUISVILLE, Kentucky and ELIZABETHTOWN, Kentucky – In our continued quest to find leading-edge financial products and services for community banks, we are pleased to announce a new partnership agreement between Digital Compliance and The BSG Financial Group. Through this partnership The BSG Financial Group will introduce Venminder, a dynamic and online vendor management solution. An artful blend of cloud-hosted software and outsourced services, Venminder offers a variety of packaging options ranging from software only to full service models.
“Having numerous relationships with financial institutions throughout the United States, the BSG Financial Group has a deep appreciation of vendor relationships and the ever increasing needs being placed on financial institutions by regulators. As a result, we felt we would serve our clients well by finding and providing the best vendor management solution available. In our reviews, we focused on several primary drivers: thoroughness, ease of use, and cost. Having completed our scrutiny, we are pleased to partner with Venminder as we feel their solution offers tremendous value,” said Barrett Nichols, Chairman & CEO of The BSG Financial Group.
“Outsourcing critical functions to third-parties is necessary and unavoidable in today’s banking environment, so understandably, examiners want to see sound processes in place for actively managing the associated risks. Interestingly, this focus has uncovered often overlooked opportunities to better manage non-interest expense associated with these vendor relationships. This is a critical find for our community banks that are facing such a challenging environment today. We’re thrilled to partner with BSG Financial given their commitment to helping community banks find new ways to drive revenue and reduce operating expenses,” said Venminder CEO.
Together, The BSG Financial Group and Venminder are committed to the values brought by a strong vendor management program to run a healthier financial institution, along with helping financial institutions and businesses meet their financial goals.
Founded by the same team that founded the online bill payment company, iPay Technologies, Venminder is an artful blend of software and outsourced services. Smart workflows help you manage your contracts, risk rate your vendors, prepare for exams and much more. Services fill the gaps when you don’t have the resources to do the heavy lifting with your own team. For more information, visit www.venminder.com
About The BSG Financial Group™
The BSG Financial Group™ is a group of independently organized companies that provide leading-edge financial products and services, including demand deposit account management, returned check processing, social media management, expense management, vendor negotiation, product development and administrative services to financial institutions and businesses.