Case Study: Leading U.S. Bank achieves streamlined, compliant vendor contract lifecycle management with Ecteon’s Contraxx

Leading U.S. Bank Chooses Contraxx to Improve Electronic Contract Lifecycle Management for Vendors

Leading U.S. Bank engaged Ecteon to modernize its Contract Administration Department by deploying Contraxx to initiate, negotiate, and manage contracts with all vendors. The Bank’s primary challenge was to create an efficient, electronic contract lifecycle process that ensured compliance with the Gramm-Leach-Bliley Act, the Interagency Guidelines for safeguarding customer information, and other audit and risk-management requirements.

Ecteon implemented Contraxx as a web-portal solution for hundreds of users, providing end-to-end contract lifecycle support—from purchase requisitions and a centralized library of approved contract language to collaborative negotiation workflows and a secure document repository. Ecteon also integrated Contraxx with the Bank’s Active Directory, an internal vendor financial system, and an external research data feed to enable periodic vendor risk assessments and accurate vendor rankings; the deployment streamlined contracting, improved compliance controls, synchronized vendor data, and enabled the Bank to manage the Contraxx system independently.