Comprehensive Virtual Payment Solution

The Vendor is required to provide to optimize accounts payable workflows, increase electronic payment adoption, and maximize rebate revenue through the implementation and ongoing management of a virtual payment solution that will reduce reliance on paper checks and traditional ach and convert existing spending into a strategic income stream through virtual card utilization.
- Operational delivery:
• Detailed implementation plan with milestones and responsibilities
• Comprehensive training for internal stakeholders
• Ongoing performance review during implementation
• Dedicated service and support team
• Documented escalation and communication procedures
• Continuous operational and technical support for university stakeholders, potential program participants and suppliers participating in the program
• Continuous program improvement focused on performance metrics and optimization
- Program growth, supplier enablement, and revenue maximization
• A comprehensive spend file analysis mapping current university suppliers to the proposers’ virtual card accepted network
• A transparent, auditable rebate structure that maximizes revenue rebate on all virtual card spending and provides monthly volume reporting
• Identification of opportunities to increase electronic payment and rebate-eligible spending
• A turnkey program participant outreach, education, and onboarding campaign including co-branded communication materials, direct outreach and enrollment tracking
- Systems integration, security, and automation
• Automated workday integration via secure API or SFTP file exchange that transmits payment files, remittance data, and program participant information without manual data entry
• Closed loop automated reconciliation for matching payments to corresponding invoices and purchase orders, including exception management tools for tracking and resolving rejects, duplicates, or unapplied transactions
• Proactive fraud prevention by native deployment of single use or restricted use virtual account numbers tied to specific transaction amounts and expiration dates to mitigate financial exposure
• Advanced encryption in transit and at rest, for all file transmissions and sensitive payment data, using industry standard protocols such as SSH file transfer protocol (SFTP) and application programming interface (API)
• A complete audit and compliance documentation package including system architecture diagrams, data-flow maps, control point definitions, and evidence of compliance with university policies and applicable federal/state data security standards.
- Reporting, analytics, and visibility
• On-demand access to a self-service, intuitive reporting platform that provides status tracking for every transaction, from file transmission to final settlement.
• Transparent, auditable reporting that tracks rebates by category, supplier and time period
• Supplier adoption and pipeline metrics dashboard that tracks the health of the onboarding campaign, including supplier enrollment velocity, total spend converted to virtual card, and outstanding high-value targets.
• On demand generation of compliance and audit reports, detailing user permissions, approval history, system control points and aging exception items.