Vendor Management System

The vendor is required to provide implement a secure and efficient vendor management system to support its accounts payable operations. The system should offer capabilities for vendor onboarding, vendor verification, vendor compliance monitoring, and electronic payment processing, along with protection against fraudulent payments through indemnification.
1. Vendor Onboarding Software: Provide a digital solution to streamline the vendor onboarding process for the County. The system should:
- Enable new vendors to register electronically and allow existing vendors to update their information with appropriate security in place to secure access to information with multi-factor authentication.
- Include integrated document management capabilities to securely store required forms such as W-9s, Certificates of Insurance, and other compliance documents.
- Support configurable document requirements, ensuring that specific forms must be uploaded before registration can be completed.
- Provide automated integration with the County’s ERP system to facilitate seamless electronic transfer of vendor data or easily defined import/export files for transfer of vendor data.
2. Vendor Verification Services: Provide vendor verification services to confirm the accuracy of key vendor details, including:
- Legal name, address, and Tax Identification Number (TIN) as submitted on the W-9 form.
- Validation of banking information to ensure it is securely associated with the verified TIN, helping to prevent fraud and ensure accurate payments.
3. Vendor Compliance Services: Provide ongoing monitoring of vendors against relevant sanctions and debarment lists (e.g., federal, state, and industry-specific). The service should:
- Conduct regular checks to ensure vendors remain in good standing.
- Automatically notify the County of any compliance status changes or potential matches.
- Support documentation and audit trails for all compliance checks performed.
4. Vendor Payment Services with Payment Fraud Indemnification: Provide electronic vendor payment services that include:
- Support for secure, automated disbursement of payments via ACH, virtual card, or other electronic methods.
- Indemnification to the County against financial loss resulting from unauthorized or fraudulent transactions.
- Real-time payment tracking and reporting capabilities to enhance transparency and auditability.