Golden Contract Coalition Achieves Surging Momentum in First 30 Days

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Community banks and credit unions line up alongside GCC to fight for fair contracts with the core and IT vendor oligopoly

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Golden Contract Coalition (GCC), an alliance that leverages the collective influence and consolidated buying power of large groups of community banks and credit unions to negotiate fair deals with incumbent core and IT vendors, today revealed the impressive traction they have gained since launching in late June.

Always keeping community banks and credit unions in mind, GCC aims to level the negotiation playing field by creating a fair, standard agreement between community institutions and their core and IT vendors—exclusively available to its members. Since launching, the alliance has been inundated with interest from banks and credit unions from across the country looking to secure membership.

While members join GCC anonymously, the company had already received interest from more than 165 institutions within their first 30 days in operation—and momentum hasn’t slackened since.

"We’re issuing agreements as fast as membership requests are coming, in order to keep up with demand," said Aaron Silva, founder of GCC. “We’re way ahead of schedule in terms of the recruitment goals we outlined for our first 30 days, and expect our numbers to continue escalating as more bank leaders —frustrated with the status quo—are willing to stand up against the core and IT vendor oligopoly in the fight for fair contracts and competitive pricing."  

The group of interested banks and credit unions holds an estimated $186 billion in cumulative assets, or a combined monthly income to Fiserv, FIS or Jack Henry exceeding $25 million per month. This translates to more than $1.45 billion in buying leverage for coalition members when you consider the five-year value of these agreements.

For the first time in history, GCC puts the power into the allied hands of institutions prepared to challenge the vendor oligopoly, and end the era of underperforming IT functionality, unenforceable SLAs, unfavorable contract terms and overpriced, one-sided deals.

"Additionally, over the next several weeks, we will also be announcing key Partner Advocates from industry-leading companies and professional service firms who are interested in contributing to our mission to help their community banking clients secure fairer deals and higher service levels from their core and IT suppliers," said Gordon Moore, partner advocate manager at GCC.

GCC has already begun signing contracts with interested parties and will continue to permit enrollments though the end of September.

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About the Golden Contract Coalition
The Golden Contract Coalition (GCC) consolidates the buying power and contract values of large groups of community banks and credit unions, leveraging their collective influence to negotiate a fair deal with their incumbent core and IT vendors. For the first time in history, GCC puts the power into the hands of the banks and credit unions to challenge the oligopoly, ending the era of underperforming IT functionality, unfavorable contract terms and one-sided deals. By teaming up with the country’s premier IT contract law firm, which has handled half-a-trillion dollars in negotiations, GCC will dictate the master commercial terms and legal conditions of the Golden Contract.

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Bonnie Paresa
Leverage PR
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