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Locked In or Moving Forward: Rethinking Core Renewals
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EPISODE SUMMARY
In this episode of Wrestling Payments, host Joe Casali sits down with Rich Carty from Remedy to dig into the realities of core technology contracts in banking and payments. Rich shares how financial institutions weigh tough choices when locked into long-term vendor agreements and why early planning is critical. He explains how most banks only revisit core contracts every few years, often finding themselves committed to outdated solutions for longer than they expect.
Rich points out that new technology and artificial intelligence are top of mind for many leaders. He sees demand for AI solutions rising fast, but notes that organizations remain cautious, balancing the urge to innovate with the need to avoid early missteps. Rich encourages institutions to seek advice, gather input from all departments, and focus on due diligence before making changes.
Throughout the conversation, Rich uses real stories to show the value of reviewing contracts and staying proactive. He highlights how the right approach can free up resources, improve vendor relationships, and help organizations adapt as the payments industry evolves.
GUEST-AT-A-GLANCE
Name: Rich Carty
What he does: Vice President, Business Development
Company: Remedy
Noteworthy: Rich helps banks and credit unions review, negotiate, and optimize technology vendor contracts, with a focus on core systems, renewals, and technology transitions.
Where to find him:https://www.linkedin.com/in/rich-carty-24918918
KEY INSIGHTS
Start Contract Planning Three Years Ahead
Long-term vendor contracts shape how banks operate, often locking in core systems for up to a decade. Early planning is the best way to avoid getting stuck with outdated technology or unfavorable terms.
Financial institutions that want options—like switching vendors or just negotiating a better deal—need to start the process two to three years before their current contract expires. This timeline accounts for vendor schedules, internal reviews, and the complexity of core system transitions.
By moving early, organizations protect themselves from last-minute decisions and keep leverage at the table. The approach also gives teams time to gather input across departments and align technology with business goals. In a fast-moving payments landscape, a proactive timeline is the difference between staying ahead and falling behind.
Due Diligence Uncovers Savings and Prevents Regret
A thorough review of technology contracts can reveal hidden costs and new opportunities. Even long-standing vendor relationships deserve a second look, as loyalty doesn’t always mean the best price or terms.
With due diligence, organizations spot gaps, compare options, and often negotiate better deals. This process can free up resources for growth, support new projects, or make room for future upgrades. Relying on familiarity or letting contracts auto-renew leads to missed savings and limits flexibility.
By treating every renewal or transition as a strategic decision, financial institutions protect their budgets and set themselves up for smarter, more agile operations.
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Send us a text. (email us if you need a response)
EPISODE SUMMARY
In this episode of Wrestling Payments, host Joe Casali sits down with Rich Carty from Remedy to dig into the realities of core technology contracts in banking and payments. Rich shares how financial institutions weigh tough choices when locked into long-term vendor agreements and why early planning is critical. He explains how most banks only revisit core contracts every few years, often finding themselves committed to outdated solutions for longer than they expect.
Rich points out that new technology and artificial intelligence are top of mind for many leaders. He sees demand for AI solutions rising fast, but notes that organizations remain cautious, balancing the urge to innovate with the need to avoid early missteps. Rich encourages institutions to seek advice, gather input from all departments, and focus on due diligence before making changes.
Throughout the conversation, Rich uses real stories to show the value of reviewing contracts and staying proactive. He highlights how the right approach can free up resources, improve vendor relationships, and help organizations adapt as the payments industry evolves.
GUEST-AT-A-GLANCE
Name: Rich Carty
What he does: Vice President, Business Development
Company: Remedy
Noteworthy: Rich helps banks and credit unions review, negotiate, and optimize technology vendor contracts, with a focus on core systems, renewals, and technology transitions.
Where to find him:https://www.linkedin.com/in/rich-carty-24918918
KEY INSIGHTS
Start Contract Planning Three Years Ahead
Long-term vendor contracts shape how banks operate, often locking in core systems for up to a decade. Early planning is the best way to avoid getting stuck with outdated technology or unfavorable terms.
Financial institutions that want options—like switching vendors or just negotiating a better deal—need to start the process two to three years before their current contract expires. This timeline accounts for vendor schedules, internal reviews, and the complexity of core system transitions.
By moving early, organizations protect themselves from last-minute decisions and keep leverage at the table. The approach also gives teams time to gather input across departments and align technology with business goals. In a fast-moving payments landscape, a proactive timeline is the difference between staying ahead and falling behind.
Due Diligence Uncovers Savings and Prevents Regret
A thorough review of technology contracts can reveal hidden costs and new opportunities. Even long-standing vendor relationships deserve a second look, as loyalty doesn’t always mean the best price or terms.
With due diligence, organizations spot gaps, compare options, and often negotiate better deals. This process can free up resources for growth, support new projects, or make room for future upgrades. Relying on familiarity or letting contracts auto-renew leads to missed savings and limits flexibility.
By treating every renewal or transition as a strategic decision, financial institutions protect their budgets and set themselves up for smarter, more agile operations.