The $203 million, 22,700-member US Postal Service Federal Credit Union in Clinton, Md., is now using the Ncontracts contract and vendor management solution from Network Contract Solutions of Brentwood, Tenn., the company and credit union said.

“Having useful summaries of key contractual terms, email reminders, and insightful reports considerably streamlines our ability to review and analyze key data and take action on it in a timely manner,” said Bill Chow, vice president of operations at USPS FCU.

Vendor management is a hot topic for credit unions, which face growing compliance costs, said Michael Berman, CEO of Network Contract Solutions,

“Effective vendor management offers an opportunity to increase net profits, improve contract terms, reduce costs, minimize compliance expenses and enhance vendor performance,” he said.

Network Contract Solutions now serves 106 credit unions and more than 350 clients overall, the company said.