Drake will be transitioning its procurement card program from Wells Fargo Bank to PNC Bank. This is the first of several communications on the transition––watch for additional information in the coming weeks.
What prompted this change?
The University recently issued Series 2017A bonds to assist with the financing for STEM@DRAKE. As part of that bond issuance agreement, the University is required to move its procurement card program to PNC Bank.
When will the transition happen?
Implementation of the new PNC procurement card program for all users will begin the week of Oct. 16. Finance and a small group of users are currently in a piloting phase of the new program. The pilot phase has allowed for setup of University specific coding, testing of the PNC online portal, formulation of user guides, and updating of current University policy and procedures to conform to the new program.
What does this mean for users?
- Cardholders will be issued a new procurement card. Allotted times for card pickup will be scheduled and communicated to cardholders in the coming weeks.
- Procurement card transactions will be accessed via PNC Bank’s Intellilink website. Each user will receive instructions on how to access and login to the site. The site will house all card transactions and will be utilized to complete required cardholder and approver reviews.
- When picking up a new card, cardholders will be required to sign an updated Purchasing Card Agreement. For reference, a copy of the agreement can be found online.
What changes in the new program will impact users?
- Procurement Cards will be a Visa rather than a MasterCard. Therefore, any card information you have on file with specific vendors will need to be updated accordingly.
- Users will access their transactions via the PNC Bank’s Intellilink website. Access to the Wells Fargo site will be removed after the new cards have been distributed. Users should gather any information they may need from the Wells Fargo site by the end of October.
- In an effort to support the University’s sustainability efforts and improve efficiency in procurement card processing, the new program supports electronic receipt imaging as well as electronic transaction approvals. The University will require users to utilize these electronic modes to submit supporting documentation and complete required monthly transaction reviews. The accumulation of supporting documentation and/or review of such documentation will no longer be sent as hardcopies to accounting.
- Transactions can be reviewed and approved at any time during the reporting period. Users will no longer have to wait until the end of the reporting period to complete and submit their review and approval of transactions.
- Any fraud or transaction disputes will need to be reported by the cardholder directly to PNC Bank within 60 days of the posting of the transaction. This will require cardholders and approvers to be diligent in their review of transactions and proactive in reporting any suspicious card activity.
What resources will be available during and after the transition?
- PNC Bank customer service representatives are available 24/7, including holidays, at 1-800-685-4039.
- University Finance staff are available from 8 a.m. to 4:30 p.m., Monday through Friday, at extension 3392 and 2041 or pcard@drake.edu.
- The Procurement Card policy will be available online.
- User guides will be distributed and available to assist with training on the new PNC Intellilink website and the new electronic submission of receipts and approvals.
—Meghan Settje, Financial Reporting Manager
