The Cooperative Purchasing Network Awards UMB Bank Contract As Select Purchasing Card Provider

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.

"UMB Financial Corporation is pleased to be selected as the purchasing card provider of choice by TCPN. We are proud to offer our government customers both an outstanding product and UMB’s world class customer service. Our success is based upon collaboration and integration with our customers and focuses on product innovation and process improvement. Our focus on the government sector has been critical to our success and a source of pride since the inception of our card business and remains core to our future," said Terry D’Amore, executive vice president and director, UMB Payment Solutions.

TCPN is a national governmental purchasing cooperative providing commodity and service contracts to public entities throughout the country that utilize the cooperative's contracts. UMB appreciates the opportunity to work immediately with The Cooperative Purchasing Network and looks forward to a beginning a partnership to provide the membership with a program that delivers with the level of personal attention that will be essential as the program grows.

“We are proud to have partnered with UMB; particularly as how they have a demonstrated track record of providing high levels of service and quality. This new procurement card program will provide significant cost saving opportunities to the 30,000+ public agencies that are already active members of TCPN,” said Chris Penny, Vice President, TCPN.

To learn more about UMB card services and more, please visit: https://www.umb.com/Commercial/BankingSolutions/CommercialCards/Q023802.

About UMB:

UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank.

Copyright Business Wire 2010

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