Financial Services for Illinois Government

As the state’s chief banker, the Illinois State Treasurer is responsible for securing banking services for Illinois government agencies, boards, and commissions. These services must meet the specific needs of each agency while providing the most advantageous solution for the State.

The Treasurer’s responsibilities include receiving, holding, and safeguarding public funds, as well as ensuring that sufficient appropriations and fund balances are available to meet the State’s obligations.

Under this authority, the Treasurer maintains accounts with multiple financial institutions to support the State’s financial operations. These accounts are used to:

  • Accept payments and deposits, including coins, cash, checks, drafts, electronic fund transfers, electronic checks, credit card payments, debit card payments, and similar payment instruments.
  • Disburse payments made by the Comptroller or State agencies.
  • Support services such as check clearing, lockbox processing, ACH transactions, depository services, custodial services, and electronic payment processing.

Services Sought

The Office of the Illinois Treasurer is committed to strengthening policies and operations that expand opportunities for businesses headquartered in Illinois. Illinois is home to many talented and capable firms that provide high-quality financial services, including brokerage firms, securities dealers, asset managers, banks, investment consultants, and other financial service providers.

The Treasurer seeks a broad range of financial services and products from qualified Illinois firms, including the following:

Broker/Dealer Services

  • U.S. Treasuries
  • Supranational bonds
  • U.S. agencies
  • Commercial paper
  • Foreign bonds
  • Municipal bonds
  • Corporate bonds and notes
  • Repurchase agreements

Investment Management Services

  • Fixed income
  • Cash and cash equivalents
  • Public equities
  • Real estate
  • Private equity
  • Venture capital
  • Securities lending
  • Private debt

Banking Services

  • Custody and safekeeping
  • Depository services
  • ACH transactions
  • Lockbox services
  • Cash and check processing
  • Credit and debit card processing

Other Investment Services

  • Investment consulting
  • Linked and time deposits
  • Bond arbitrage
  • Third-party research
  • Treasury consulting

The Treasurer’s Office continually evaluates ways to improve efficiency and better meet the banking needs of the agencies it serves. Examples of these solutions include electronic check scanners, on-site cash vaults, and electronic cash letters.