PaymentWorks Project

Overview:

PaymentWorks is a vendor portal for all vendors to access their vendor and payment information.  It enables our vendors to create and manage their accounts and profiles in an encrypted credential environment.  PaymentWorks allows ISU to determine what information is collected from our vendors and completes and stores IRS required 1099 information.

Vendors will update their information in a single instance for all payers/customers that are connected with PaymentWorks.   Vendors will have the capability to fill-in and edit/update their registration form and company profile.  This will allow both AP and Purchasing to spend more time on other duties instead of tracking down vendor information.  All sensitive date will be updated by the vendor through this system.

Status:

Phase 1 complete. Phase 1 included vendor on boarding for all new vendors, ACH payments to vendors and vendor access to paid invoices.

Phase 2- Will begin in FY23. This phase will implement automatic feeds between PaymentWorks and Banner. Including Vendor create and updates, invoice status and payments. All manual process will be discontinued. Continue to add existing vendors to system.

Features:

PaymentWorks does data validation on seven key areas:

• Tax Identification Number: Uses third party TINCheck to verify tax identification numbers with the IRS. (We use to do this through the IRS website)
• Sanction List/Debarment Status: The legal name of the vendors are checked against sanction and debarment lists and will let ISU know if a vendor is on a list.  This service is checked during the vendor on-boarding and is continuously checked.
• Remittance/Corporate Address: Conducts a real time verification check of US addresses against the US Postal Service Database.  This is done during the vendor on-boarding and when the vendor changes their address.
• Bank Account Details: Will check the vendor’s submitted bank account number, routing number, and the name on the account against a third party databased managed by GiACT.  This third party will be able to tell if the submitted information is accurate, associated with the same account and in good standing.
• Diversity:  Can require vendor to submit and maintain diversity certifications.
• Insurance: Can require vendors to submit and maintain relevant insurance certificates.  They will notify vendors when certificates are about to expire and need to be re-uploaded.
• Conflict of Interest Collection: Will work with us to understand our conflict of interest policy and incorporate them into our custom vendor registration form.

 Questions about PaymentWorks can be directed to gavinjensen@isu.edu