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| Procurement Updates |
PSDS has kicked off a controlled implementation of Nimbello, a technology solution for optical character recognition (OCR). Implementing OCR will allow us to streamline invoice processing, and thereby speed up our cycle times as well as make better use of the time and expertise of our Accounts Payable Team.
We're currently working on the integrations needed, and will then move to functionality and design. Our target date to have a production tenant is June 25. Between now and then, we'll do extensive testing so that rollout is as smooth as possible. Nimbello will remain engaged with us for up to four weeks after go-live to provide support and to make changes.
Check Outsourcing to Bank of America
By the end of May 2024, UVA Accounts Payable will outsource check printing to Bank of America. Checks will no longer be printed onsite except in rare emergencies (we are working on a policy and procedure for emergency checks and will communicate that soon). This change will reduce the chance of risk and fraud, as well as provide the opportunity for our Accounts Payable Team to focus on value-added activities.
We are working with Bank of America to solidify the timeline on "hold for pickup" checks. Watch this space for further information; we'll be sure and keep you updated.
Both of these changes should have minimal impact on suppliers, as their processes will remain the same. We welcome your questions and concerns via askfinance@virginia.edu.
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Related information: Strategies to Avoid Match Exceptions
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