Financial Technology Software

The vendor is required to provide financial technology (FinTech) cloud platform delivered as a software-as-a-service (SaaS) solution and SaaS subscription services.
- The platform shall support and streamline the full lifecycle of the program including but not limited to the facilitation of loan enrollment transactions, the processing of claims on defaulted loans, system maintenance, and comprehensive data reporting in compliance with program and regulatory requirements.
- The solution shall include, but is not limited to, configuration and customization services, report development, data migration, and support, via full-service SaaS platform, that facilitates the deliverables outlined below.
- Program collateral support
•    Platform shall provide real-time tracking by utilizing technology and automated compliance examination with the ability to monitor the entire lifecycle of transactions which is an essential requirement to meet the contractual obligations in enrolling eligible loans in program credit enhancement programs.
•    The platform shall allow program loans to be submitted, enrolled, and maintained electronically, as well as allow for real-time ad-hoc reporting, compliance, funds reconciliation, and claims processing based on the program requirements and guidance.
- SaaS application requirements
1. Electronic application processing
•    The SaaS application shall accept, process, and deliver electronic financial applications submitted by participating lenders on behalf of public applicants through a secure, web-based portal. 
•    The portal shall leverage optical character recognition (OCR) and natural language processing (NLP) technologies to capture, extract, and interpret submitted data.
2. Automated application workflow
•    Intake and initial review
•    Validation of applicant and lender data
•    Execution of required program documents
•    Ongoing maintenance of approved loans
•    Reporting and tracking of all related financial transactions
3. Data management requirements
•    Collect and store all required data elements necessary for authority programs 
•    Comply with all current and future federal and state data collection, reporting, security, and privacy requirements 
•    Support full data migration from authority existing financial reporting electronic database (FRED) system, including but not limited to:
o    Historical applicant data
o    Program reporting data
o    Interfaces and integrations with external systems, as required.
4. System flexibility and scalability
•    The SaaS application shall be designed to accommodate future modifications necessary to implement new program requirements, changes in federal or state regulations, or the addition of new loan loss reserve or collateral support programs.

- Contract Period/Term: 3 years
- Intent to Bid: August 20, 2025
- Questions/Inquires Deadline: August 27, 2025