Third Party Providers/Sub-Contractors Summary
The Alloya business model is founded on cooperation by aggregating volumes and or expertise to benefit all its members. In many cases, Alloya will aggregate product volumes from its members and then purchase in volume to gain price, service, or access that its individual members cannot achieve on their own. As part of this service, Alloya develops its contracts (POAs) that have parallel terms with its selected providers. Further, Alloya has an extensive Vendor Management Program (VMP) that it uses to ensure those providers are performing as agreed including performance standards, safeguarding of information, business continuity, etc. This lets Alloya negotiate one contract with the provider and monitor its performance on behalf of all members. Members benefit by having only one relationship, Alloya, to monitor via their VMP program. Alloya’s VMP program is established using FFIEC and other best practices. To the extent that third providers have and are willing to provide due diligence documents, including SSAE‐16s, Alloya provides these on this site.
