Harrisburg – The PA Bankers Services Corporation (Services Corp.)announcedit has added Cornerstone Advisors to its Select Vendor program to provide contract negotiation services to Pennsylvania Bankers Association (PA Bankers) members.
“As our member banks rely more heavily on technology to run the various aspects of their business, vendor costs in that area are often far outpacing other line items in bank operations,” PA Bankers President & CEO Duncan Campbell said. “Having a Select Vendor with the industry knowledge to assist our members in negotiating these contracts will help our banks to keep costs down and have the ability to invest in other initiatives. That’s why Cornerstone Advisors is a great addition to our program.”
Cornerstone Advisors is a multi-disciplinary advisory firm that aims to achieve the most challenging and ambitious goals of banks across the country. Cornerstone’s client work in contract assessment and negotiation leverages their team’s deep market knowledge, proven methodologies, and proprietary pricing data to provide an objective analysis of how a bank’s vendor contracts compare to current market pricing and terms. They will negotiate directly with vendors on behalf of banks to achieve the most competitive pricing and favorable terms.
“We are excited to work with the PA Bankers Services Corporation to ensure members of the Pennsylvania Bankers Association have a partner to turn to in contract negotiations,” said Bob Roth, partner and contract negotiation and payment practice lead at Cornerstone Advisors. “There is little to no transparency in the industry on the factors that impact vendor pricing. Fortunately, our team has negotiated contracts with every major industry vendor over the past two decades. We have the data and insight into how vendors operate, and we put that knowledge to work for our clients.”
All products and services within the Services Corp.’s Select Vendor program are subject to a rigorous selection process, receiving validation and approval from a 13-member board representing deposit groups across the membership. This board undertakes due diligence and proper vetting of third-party vendors that includes a detailed application process, independent financial review of the company, and extensive reference checks on current banking customers, among other things.
Members of the Pennsylvania Bankers Association will now enjoy a discounted rate on contract negotiation services provided by Cornerstone Advisors.
The PA Bankers Services Corporation is a wholly-owned, for-profit subsidiary of the Pennsylvania Bankers Association. For more information about the PA Bankers Services Corporation and its Select Vendor program, visitwww.pbasc.com.