Mellon Adds Contracts Management Tool to Vendor ProgramPITTSBURGH - Mellon Financial Services has introduced a contracts management solution to further strengthen its vendor management, a process the bank has institutionalized in the past couple of years to more effectively manage relationships with data vendors, officials tell Inside Reference Data.
Mellon has selected Contraxx, developed by software vendor Ecteon, for its contracts application, with Ecteon partnering with contracts management company Techman Solutions to deliver the solution.
The contracts tool supports the vendor initiative and enables the user to image all documents relating to one vendor. By centralizing the system, Mellon has been able to improve the contracts process, meaning that data acquisition is quicker than previously.
"Before, the vendor was managing us. Now, the process works the other way around. Not only are we managing the vendor, but we're also managing the vendor in a productive, strategic way," says Amy G. Harkins, Mellon senior vice president and director of global asset servicing, who, as managing director of Mellon Market Data, leads the vendor management process.
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