Bank Verification Software

The State of Utah Division of Purchasing and Division of Finance is seeking a robust bank verification software system through this Request for Proposal (RFP). The primary objective is to procure a technology solution that can accurately validate banking information and verify vendor account ownership, specifically designed to enhance payment security, reduce fraud, and improve operational efficiency for the vendor setup team. The contract is anticipated to be a single award to the most responsive and responsible vendor with the highest evaluation score, with a base contract term of three years and options for two additional one-year extensions. Vendors must guarantee pricing for the first year of the contract. The proposal is due on November 5, 2025, and the procurement will be conducted in accordance with state procurement codes. Evaluation criteria will be detailed in Attachment E Score Sheet and Attachment F Technical Criteria, which suggest a comprehensive review process that likely includes technical capabilities, compliance, cost, and overall solution effectiveness.

While specific set-aside designations are not explicitly detailed in the provided documents, the RFP appears to be open to qualified vendors capable of meeting the technical and operational requirements for bank verification software. The procurement documents include standard attachments such as IT Terms and Conditions, Scope of Work, and Cost Sheets, indicating a structured evaluation process. Potential vendors will need to demonstrate comprehensive banking information verification capabilities, system security features, and integration potential with existing state financial infrastructure. Although a specific budget range is not disclosed, vendors should prepare detailed cost proposals using Attachment D Cost Sheet. The contract's focus on reducing fraud and improving payment security suggests a significant technological investment, potentially indicating a substantial contract value for the selected vendor.