PRESENTER: Presenter
Angie Harris, Assistant Finance Director
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SUBJECT: Title
Approval of a contract with Carahsoft for PaymentWorks Software to support supplier/vendor onboarding and payment processing.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: All Districts
BACKGROUND INFORMATION:
PaymentWorks software was requested and approved as part of the FY 2024 Budget process. PaymentWorks will be utilized by the Finance Department to achieve three main goals:
1. Mitigate paper-based manual processes by automating W9/ACH collection and providing verification of Office of Foreign Assets Control (OFAC), System for Award Management (SAM) SAM.gov, address, and bank account ownership prior to input in the ERP (financial system).
2. Mitigate vendor payment fraud by transitioning from Check payments to ACH/Virtual Card payments.
3. Interface with existing systems providing a secure portal for payees to manage and/or update sensitive information, while providing accurate vendor information to the ERP.
PaymentWorks protects the City from business email compromise and social engineering fraud risks by including indemnification up to $2,000,000 per occurrence uncapped annually.
The city will utilize PaymentWorks through a Carahsoft agreement via Group Purchasing Cooperative Contract with Omnia Partners.
Annual Costs for PaymentWorks will be $36,000 per year over three (3) years plus implementation fees of approximately $10,000 for a total contract value of $118,000.
ISSUE:
Maintain fiscal stability of City operations.
FISCAL IMPACT:
Funding for this initiative was included in the FY 2024 Adopted Budget within the Finance Department, therefore sufficient funds are available.
Recommendation
RECOMMENDATION:
Staff recommends approval of a contract with Carahsoft for PaymentWorks Software to support supplier/vendor onboarding and payment processing.