CCMC has contracted with Technology Safeguard Resources (TSR) to provide software escrow services to its clients.
TSR is the leading provider of software escrow services for financial institutions with an impeccable track record of providing high-quality service. They were formed with the goal of providing cost-effective software escrow services for the financial industry. They focus on doing one thing and do it exceptionally well. By combining all the technology and legal resources available, they have constructed a service that meets the increasing needs of the financial industry. Their staff continuously monitors the FFIEC requirements to ensure that clients remain compliant with all new regulations.
TSR is the only company that provides software escrow services exclusively to the financial industry. With the increase in asset acquisitions between financial institutions, and the continued consolidation of technology vendors, the need for cost-effective and standardized software escrow arrangements are no longer an afterthought nor utilized on an ad hoc basis. As vendor management and risk mitigation has evolved over the last several years, the regulators have increased their focus on the utilization of software escrow services. TSR’s mission as a third-party is to provide economical escrow solutions to both technology vendors and the financial institutions they serve.
Benefits of Software Escrow with TSR:
- Neutral third party vendor
- Automated updates from CCMC keeps the connector source code up-to-date
- Compliance with FFIEC, OCC, and FDIC requirements and regulations
- Provides end-user rights and access to the connector source code, designs, processes, or formula in the event CCMC ever experiences a business failure
For more information about Technology Safeguard Resources, please click here to visit their website.
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