March 23, 2017
Proposals due by 2:00 p.m. CT on April 28, 2017
The Office of the Illinois State Treasurer (“Treasurer”), in participation with the Illinois Office of the Comptroller (“IOC”), is issuing this Request for Proposals (“RFP”) for electronic commerce payment services, specifically for the initiation of State of Illinois disbursements. Financial institutions that submit responses (“Respondents”) shall submit their responses to this RFP (“Proposals”) by 2:00 p.m. CT on April 28, 2017.
The winning Respondent (“Contractor”) must be a financial institution that is authorized to do business in Illinois and is either Illinois- or nationally-based with a presence in Illinois. In addition, the Contractor must be a member of the Federal Reserve System, have access to all services as a member bank, and qualify as a depository for public funds. At the time the Contractor submits its Proposal, or prior to that time, if required by law, the Contractor must have all required licenses, bonding, facilities, equipment, and trained personnel necessary to perform the work specified in this RFP. Finally, the Contractor must have a minimum of ten (10) years of experience performing the services being sought by this RFP.
The Treasurer intends to select the responsible and responsive Respondent with the most efficient and cost effective electronic commerce payment process. The Contractor shall enter into a joint contract with the Treasurer and the IOC (“Agreement”) for an initial term of five (5) years. Upon expiration of this term, the Treasurer and the IOC may elect to extend the Agreement for a period of time agreed upon by the parties, not to exceed a total of ten (10) years, including the initial five (5) years.
Story Excerpt: The National Association of State Treasurers recently outlined some legislative priorities that would broaden ABLE accounts’ reach..