Selectica (NASDAQ:SLTC), provider of deal management solutions including sales configuration and contract lifecycle management solutions, today announced that Union Bank, N.A., a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations, has rolled out Selectica Contract Lifecycle Management software to manage the company's vendor agreements.
"We needed a system that could provide deep visibility into our agreements, as well as ensure company-wide compliance for contracts affected by stringent banking regulations," said Cath Whistler, Vice President, Manager of Contracts Management for Union Bank. "Selectica's solution gives us the opportunity to demonstrate auditable consistency across contracts throughout the company."
Selectica's contract management solution streamlines the entire contract lifecycle, from contract request, authoring, negotiation, and approval, through contract execution, on-going obligations management, amendment, and renewal. The solution's enterprise view of contracts and comprehensive reporting capabilities will allow Union Bank to automate the ongoing supervision of contractual relationships by consolidating and maintaining accurate contract data while also minimizing risk.
Union Bank's contract management system selection process consisted of a rigorous evaluation of solutions from 40 vendors in both the contract management and vendor risk management spaces. The complexity of Union Bank's agreements and required contract oversight necessitated a solution beyond their previous homegrown systems. Union Bank ultimately decided to utilize Selectica's solution based on several criteria, including the flexibility of its authoring tools, the highly configurable nature of the system, and the ability to gain an effective view of the prevailing language and terms across multiple contract amendments. Union Bank personnel in the contracts management organization are currently using the system - deployed behind the firewall - with expansion expected to occur across departments.
"Forward-thinking financial institutions like Union Bank see the role that Selectica Contract Lifecycle Management plays in a sound corporate governance strategy," said Allen Pogorzelski, Vice President of Marketing at Selectica. "We're honored to have Union Bank join the ranks of leading companies that have chosen to manage risk and improve compliance with Selectica solutions."