What is the Strategic Provider Program?
Co-op Solutions’ Strategic Provider Program (“SPP”) is a referral partnership initiative that gives Co-op’s financial institution clients (“Clients”) access to best-of-breed products and services outside of Co-op’s core solution offerings through pre-vetted third-party vendors (“Providers”). SPP helps Clients not only streamline their vendor procurement processes but also take advantage of preferential commercial terms pre-negotiated by Co-op.
How does Co-op determine which Providers to include in the Strategic Provider Program?
Co-op conducts due diligence through a formal RFI/RFP selection process. Co-op’s evaluation process may include:
• Experience with and commitment to serving credit unions
• Solution capability assessment to determine the quality and feature richness of the Provider’s products and services relative to a peer group
• Commercial maturity across the customer lifecycle (e.g., sales/marketing, on-boarding/implementation, training, service/support)
• Industry-specific positioning and readiness (e.g., breadth of integrations with key ecosystem players, such as digital banking or core banking platform providers)
• Financial, information security, cyber security, and business continuity maturity
• Referenceable client credentials and interviews
• Attractiveness of the Provider’s proposed commercial terms
What is the relationship between Co-op and the Providers?
Only Providers who complete the due diligence process may participate in SPP. Once a Provider is selected by Co-op to participate in SPP, Co-op and the Provider will negotiate mutually agreeable commercial terms that govern the relationship, including but not limited to:
• The specific products or services offered by the Provider that are in scope to be promoted by Co-op on an exclusive basis (i.e., Co-op will not promote competing products or services offered by a different vendor)
• Any preferential commercial terms that Clients are eligible for when they execute a binding commercial agreement with a Provider
• Any compensation payable to Co-op for the execution of certain promotional activities on the Provider’s behalf designed to drive new referral leads
What due diligence should Clients conduct before selecting a Provider?
Because each Client’s needs vary based on company- and industry-specific factors, any information, data or documentation furnished by Co-op about each Provider (“Informational Content”) should not be the sole basis for deciding whether Clients should engage a Provider and execute a binding commercial agreement with such Provider. Each Client must complete its own independent due diligence on each Provider when making vendor selection decisions and accept all identified and unidentified risks associated with such decisions.
Can I share Informational Content about Providers with others?
Notwithstanding the general information about the Providers participating in SPP made available on Co-op’s public website, all other Informational Content shared by Co-op in connection with SPP is to be treated as confidential (“Confidential Information”). By accessing this Confidential Information, Client agrees to be bound by the confidentiality terms set out herein and as stated in the terms of Client’s agreement with Co-op. The information relating to SPP, including Confidential Information, is the exclusive property of Co-op, and Client has no rights, by license or otherwise, to use the Confidential Information except for its own evaluation of a Provider. Client shall maintain all Confidential Information in confidence and prevent disclosure of same, in whole or in part, to any persons or entities, except as set forth herein and as set forth under the terms of the Client’s agreement with Co-op, and shall use the same degree of care for the Confidential Information as exercised with respect to its own confidential and proprietary information. Client shall not, either directly or indirectly, disclose, transmit, copy, or use Confidential Information other than their evaluation of a Provider, or permit others to use Confidential Information other than that same purpose, without Co-op’s prior written consent. Client is responsible for the actions of any of its employees and other third parties who obtain this Confidential Information.
Important limitations on Co-op’s liability
The Informational Content is based on information supplied by the Provider, which Co-op analyzes in the context of certain industry best practice guidelines and summarizes for Clients’ ease of use. The Informational Content is made available for Clients’ reference purposes only as a Client conducts its industry due diligence. While Client may find such Informational Content useful and insightful, the Informational Content is not intended to be a substitute for Client’s own due diligence when making vendor selection decisions.
Co-op makes no representations or warranties of the accuracy or completeness of any information supplied by the Provider that is used by Co-op to compile the Informational Content, nor of the Provider’s capabilities or fitness, related to Client or otherwise. Co-op is not liable for any damages or other losses incurred by Client associated with using the Informational Content made available to Client to inform a vendor selection decision, nor for engaging with the Provider in any capacity, up to and including the execution of a binding commercial agreement with such Provider.
Terms, Conditions and Other Important Information Regarding Co-op’s Strategic Provider Program
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