The vendor is required to provide escrow account services for department project finance, debt, and strategic contracts division (PFD).
- Service requirements:
• Provide a primary point-of-contact.
• Provide a secure ftp site for file uploads.
• Assign an account number and establish the new escrow account.
• Conduct inspection, processing, and documentation in a secure facility.
• Inspect all deposits, compare them with a contents list provided by depositor and note any discrepancies.
• Date and time stamp each deposit, place in a locked container, and notify appropriate parties within 10 business days that the deposit has been received
• Conduct verification test, check files for readability, scan for viruses, identify and confirm files, and give a unique checksum id for internal benchmarking or comparison to subsequent deposit updates.
• After deposit verification, ensure that the materials are transferred to a secure, environmentally controlled vault designed specifically for electronic media storage.
• Remind depositors to update escrow accounts with new versions or modifications annually
• Ensure that all escrow parties shall receive account history of deposit activity and up to date contact information.
• Depositors shall receive a complete list of all current beneficiaries enrolled to the account annually.
• Process all escrow account management requirements, such as name change updates and release requests.
• Provide department access to all account information via an online portal (copy of agreement, last deposit version, etc.)
• Assign a dedicated account manager to handle all other inquiries.
- Contract Period/Term: 1 year