Global Financial Agent Services

The Vendor is required to provide the services of a qualified global financial agent to aid in the implementation, administration and fiscal management of the agency overseas academic programs established to create opportunities for students to study temporarily in foreign countries.
- The global financial agent may also be used to pay other foreign invoices, such as activities supporting recruitment of international students.
- This is the summary of the main steps under the current payment process:
•    Each campus goes through an annual budgeting approval process involving agency system administration and the office of the state comptroller.
•    Vendor/paymaster will deposit all funds sent by agency campuses into one bank account and track each campus balance separately.
•    Once completed, vendor/paymaster sends an email verification to the campus with all relevant information about the transaction.
•    Vendor/paymaster processes each request within 1 (one) business day of receipt, providing all pertinent information is included in the request.
•    Acquire and divest foreign currencies for such accounts, as requested by a campus or system administration, at the most favorable rate, but not exceeding the prevailing market rate.
•    Maintain accounts, either internally or at another financial institution, in country dollars and/or foreign currencies at the best available interest rate for the participating agency campuses and system administration from funds transmitted periodically by each.
•    Develop and maintain an electronically distributable handbook delineating procedures and processes to be followed by all participants as approved by agency system administration. Such handbook shall include document and forms samples and instructions on their use.
•    Provide routine reports detailing deposits and disbursements by campus and program.
•    Accessibility to the firm by email, fax, phone and mail during business hours.
•    Maintain back-up for all transactions and financial records as required.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: September 30, 2025