Procurement of Banking Service Providers
Overview
As the state’s chief banker, the Illinois Treasurer is responsible for the procurement of banking services for Illinois government agencies, boards, and commissions in a manner that presents the most advantageous solution to their individual needs. This includes the receipt, custody, and safekeeping of all public monies of the State and ensuring sufficient appropriations and sufficient fund balances are on hand for the payment of the State’s obligations.
Pursuant to this authority, the Treasurer maintains accounts with multiple financial institutions for the purpose of (1) accepting receipts in the form of coins, cash, checks, drafts, electronic fund transfers, electronic checks, credit card payments, debit card payments, and other similar payment instruments and (2) disbursing payments made by the Comptroller or State agencies.
Services Sought
The Office of the Illinois Treasurer maintains numerous accounts with external financial institutions to process deposits for check clearing, lockbox services, ACH transactions, depository and custodial services, and electronic payment transactions on the State’s behalf.
The Office of the Illinois Treasurer continually looks for more efficient solutions to meet the banking needs of the agencies we serve. Examples of these services include electronic check scanners, on-site cash vaults, and electronic cash letters.
Procurement Opportunities
The Office of the Illinois Treasurer contracts with financial institutions to obtain various banking services. In most instances, banking service providers must participate in a Request for Proposal (RFP) process. RFPs are posted on the Procurement page.
To receive automatic email notifications when new RFPs are issued, sign up for the procurement notification system.
Data on Statewide Banking Activities
In fiscal year 2020, the Office of the Illinois Treasurer processed $178 billion in receipts and $178 billion in expenditures on behalf of the State of Illinois. To view more data on the Treasurer’s statewide banking activities, visit The Vault.
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Contact the Illinois State Treasurer’s Office at BankingWebsite@illinoistreasurer.gov for questions about banking products and services.
RFPs for banking services are posted on our website.