The State of Utah is seeking a bank verification software solution designed to automate and secure the process of validating vendor banking details and confirming account ownership. The required system must be capable of accurately verifying both bank account and routing numbers and must match vendor legal names with account holder data to ensure ownership verification.

Key features of the solution should include real-time or near real-time verification, robust fraud detection mechanisms, and secure management of personally identifiable information and financial data. The system should maintain a comprehensive audit trail for all verification activities and offer extensive reporting capabilities.

In addition, the software must be scalable to accommodate current and future vendor onboarding volumes. The chosen vendor will be expected to provide thorough documentation, technical support, and ongoing maintenance to ensure reliable operation of the system.