The vendor is required to provide an extensive array of cash management banking services.
- Relationship management: regular communication with the state’s financial institution, as well as support from the relationship management team is essential to the success of this relationship.
- Review of open issues and services updates
- Review of the commercial card (p-card) program to ensure the state is maximizing on their rebate potential and exploring ways to enhance the program;
- Consider any new products that could replace or enhance existing services or increase efficiency
- Collateralization discussion review to ensure the state’s funds are fully collateralized as outline in the CMPB guidelines
- Review the hybrid account model to ensure the state funds maximize for ECR to offset all banking fee and earning interest on excess deposits
- Review current ongoing projects
- Determine if there are less expensive ways to process transactions without sacrificing efficiency.
- The bank will need to offer remote deposit capture (“RDC”) and image cash letter (“ICL”) services to process checks received.
- Reduce the collection of checks and cash and increase electronic collections where possible
- Required services include:
1. Processing the deposit of approximately 29,000 checks per month via RDC or ICL;
2. Imaging of deposited RDC items;
3. Providing deposit reconciliation services; and
4. Providing online access to deposited item images.
- The state disburses approximately 30,000 checks per month across five (5) primary disbursement accounts, all of which utilize controlled disbursement and positive pay services.
- There are approximately 37,000 payments totaling $76 million per month to retirees. 
- Only 75 retirees are currently receiving checks.
- Imaging: the division is imaging the front of the remittance document and all checks. 
- These images are available online for seven years.
- The division of unemployment uses a wholesale lockbox to process unemployment insurance payments.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: June 27, 2025