B2B Payments

Government Agency Opts For New E-Procurement System

Earlier this week, the Village of Rye Brook, New York announced that it joined the Empire State Purchasing Group, a BidNet e-procurement system that delivers convenient, centralized online access to bid opportunities.

According to a company press release, BidNet’s e-procurement solution – SourceSuite – and its numerous bid systems, provide supplier management, document distribution and audit and control tools to more than 950 government agencies across the country, as well as 9,000 departments.

The New York town is the 165th local government agency to join the Empire State Purchasing Group, according to the release. The move will let the Village of Rye Brook offer vendors instant access to RFPs, quotes, addendum and award information.

“Vendors who register can receive real-time notification of bids, RFPs, quotes, addenda, awards and advanced notice of term contract expiration,” the release explained. “Registered vendors receive customized solicitations matched to their products and services by all participating agencies on the bid system.”

Just last month, PYMNTS.com discussed a report that found outsourced procurement is becoming more popular. According to The Procurement Outsourcing Annual Report 2014: Expanding New Horizons, the procurement outsourcing market had a 12 percent year-on-year growth in 2013, and is expected to grow between 10 and 12 percent this year.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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