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Contract Number: CR001423

Contract Date: 06/01/2025 – 04/30/2030

Agreement: Competitive

Renewals: 1 5-year renewal remaining

Award Summary: Click RFP Number Field to view all awarded suppliers

eProcurement: N/A

RFP Number & Name: EI00349~2024RFP / Accounts Payable Management Automation & Optimization

Contract Availability: Higher Education;K-12

PaymentWorks

The PaymentWorks contract offers their Business Identity Platform, which enables institutions to automate the collection and verification of business identify information for payees to prevent fraud. Members can eliminate the risk of payments fraud, reduce costs by shifting from checks to ACH payments, and ensure compliance by automating the payee-management processes.

PaymentWorks protects organizations from business payments fraud and ensures compliance with increasingly intense regulatory requirements and scrutiny. Through their platform, members automate the collection and verification of business identity information for all their payees, allowing for the continuous monitoring and updating of this information while thwarting efforts to hijack existing vendor records and redirect payments.

Contract Differentiators

New and existing payees can self-manage changes and updates
Automated verifications, including TIN, address, and bank account ownership
Ensure compliance, Uniform Guidance
Interface with any ERP system
Fraud prevention, enhanced security, and risk mitigation
Reduce costs by shifting from checks to ACH payments
90-day implementation = quick time-to-value with minimal IT resources
Competitive E&I member pricing

Sustainability

PaymentWorks operates in a 100% remote, paperless environment. Their platform helps clients eliminate paper-based processes and supports ACH and virtual card payments to reduce environmental impact.