Vendor Verification Software

Provide a Vendor Verification Software solution that automates and enhances vendor onboarding, validation, and management; solution should improve operational efficiency, strengthen
compliance controls, mitigate fraud risk, and integrate with Authority existing systems.
- Consultant shall provide a turnkey, cloud-hosted Software-as-a-Service (“SaaS”) Vendor Verification Platform that automates vendor intake, compliance verification, risk screening, approval workflows, and system synchronization.
- Fraud Prevention and Payment Safety:
• Provide automated verification of vendor banking information, including routing and account information, using NACHA-compliant or equivalent industry-standard account-validation methods prior to vendor activation.
• Support configurable change-management workflows requiring secondary authorization or other BPCAapproved controls for post-onboarding changes to vendor banking information.
• Maintain an auditable record of vendor banking-information verification, changes, and approvals.
- Audit Trail, Reporting, and FOIL Readiness
• Maintain immutable, date- and time-stamped audit logs documenting vendor submissions, internal approvals, data changes, verification results, banking-information changes, and other material vendor onboarding activity.
• Provide reporting and audit capabilities sufficient to support BPCA internal controls, audits, investigations, records-management requirements, and obligations under the New York Freedom of Information Law (“FOIL”).
• Enable authorized BPCA users to retrieve and export relevant audit records in commonly usable formats.