IE11 Not Supported

For optimal browsing, we recommend Chrome, Firefox or Safari browsers.

Financial Services Department Issues RFP for Vendor Payment Registration System

The agency is seeking proposals from vendors to procure information technology management and consulting services to implement a software-as-a-service vendor payment registration system self-service portal.

Images surrounding the drawing of a businessman represent different parts of procurement
Shutterstock
The Florida Department of Financial Services has issued a request for proposals (RFP) for a vendor payment registration system.

On Sept. 15, 2023, the department submitted a legislative budget request totaling $1,550,000 for the system. The project was included in the state budget.

Now, the department seeks to procure IT management and consulting services to implement a software-as-a-service vendor payment registration self-service portal to modernize manual or outdated processes for direct deposit information verification, federal tax form collection, reporting and remittance information distribution.

The respondent would also provide, configure and implement a system for vendors to register, update their payment information and provide Form W-9 information.

Currently, the department uses a combination of enterprise applications, managed by two different state agencies, and manual processes to register, validate and maintain vendor information.

According to the RFP, “this highly manual system was originally put in place during the mid-1980s and is no longer sufficient to address the technologically sophisticated threats now currently found in the world.”

As a result, the department is looking to purchase a system that can do the following:
  • Provide vendors with credentials that would allow them to enter and modify their information 
  • Reduce fraud through data analysis and verification of information through authentication tools 
  • Improve the department’s ability to register vendors through electronic funds transfers 
  • Reduce manual data entry by the department 
  • Interface with Florida’s PALM system, which looks to replace FLAIR as the state’s accounting and cash management system 

More information about 2324-10 RFP AC can be found online. Vendor proposals are due at 4 p.m. Sept. 10.
Katya Diaz is an Orlando-based e.Republic staff writer. She has a bachelor’s degree in journalism and a master’s degree in global strategic communications from Florida International University.