UMB Bank, a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), announced today that is has been awarded a contract as the select purchasing card provider by The Cooperative Purchasing Network (TCPN). The agreement establishes a national cooperative buying contract that satisfies the needs of participating governmental and non-profit entities for the purchase of Procurement Cards and Related Services with UMB Bank as the issuer. This contract will permit governmental agencies to establish a procurement card program with UMB on an “as needed” basis from a competitively awarded contract to comply with purchasing regulations.
TCPN is a governmental agency that contracts on behalf of K-12 schools, local governments, colleges and universities. The new agreement with UMB enables participants to establish usage of P-card program as an alternative to ACH and Treasury warrants and utilizes all contract participants purchases to benefit from the collective volume for higher rebate payments.
By using a procurement card for purchases an agency can:
- Eliminate time and paper work associated with requisitions, approvals, purchase orders and invoice processing
- Make more timely payments to suppliers
- Simplify payment processes
- Access the latest technology for online reporting and reconciliation
- Integrate with their accounting system
- Set custom program features, controls and limits
- Earn rebate payments based on purchases
The procurement card provides public entities with increased efficiency and economy when procuring goods and services.TCPN competitively bids and awards contracts to national vendors in accordance with purchasing procedures mandated by state procurement laws and regulations. TCPN contracts are available for use and benefit all entities that must comply with state purchasing laws (public and private schools, colleges and universities, cities, counties, non-profits, and all governmental entities). This cooperative was established under state law to help other governmental entities operate efficiently and economically.