Accounts Payable, Enterprise Application Services and Procurement & Business Services are collaborating to design a robust and secure Supplier Information Management (SIM) system. The new SIM system will reduce the risk of payment fraud and will strengthen the validity of the supplier information data.
Benefits include:
- Strengthen supplier data security
- Eliminate the collection, storage and transmission of sensitive information from new and existing vendors
- Third party validation of the Tax ID and vendor name match from the IRS
- Third party validation of the supplier address using USPS standards
- Third party sanction checks
- Enhance Payment security
- Suppliers will register and update their company profile in a secure supplier portal.
- Reduction & eventual elimination of the storage of vendor bank account information within NC State ERP system
- Promote the University’s Payment Strategy: reduce risk, improve efficiencies, and generate revenue
- Suppliers will select their payment method from a limited list that aligns with University’s Payment Strategy
- Secure card payments and ACH will be strongly encouraged
The system is being designed to match or exceed the efficiency found in the current Supplier Onboarding process within the financial system. The SIM system offers campus departments and the suppliers visibility into the onboarding/profile update and invoice payment status.