Banking Services for the Settlement Account for the ePAY Program

Office of the Illinois State Treasurer

Buyer is seeking a financial institution to provide banking services for settlement accounts for the ePAY Program. The selected contractor will manage accounts for electronic payment processing by accepting credit card, debit card, and E-check payments on behalf of government agencies. Buyer requires efficient and cost-effective settlement services with detailed reporting capabilities and security measures. The contract term is four years with possible extensions up to ten years total.

• 4/28/2025 - Optional Respondent's Teleconference
• 5/1/2025 - All Respondent questions due
• 5/15/2025 - Responses to questions posted
• 6/4/2025 - Proposal Due Date
• 6/16/2025 - Interviews with final candidates
• 6/20/2025 - Best and final offer due if applicable
• 6/23/2025 - Notification of award

• Authorized to conduct business in Illinois as an Illinois or national bank
• Member of Federal Reserve System with access to all services
• Qualify as an approved depository for public funds
• Have required licenses, bonding, facilities, equipment, and trained personnel
• Minimum of five years experience performing similar services

• Transition ePAY accounts including transfer of current ABA RTN
• Open and maintain demand deposit accounts for electronic transfers
• Provide secure electronic access to account information and transaction history
• Accept wire transfers and ACH credits/debits with specific security protocols
• Invest end-of-day collected balances and ensure proper collateralization
• Provide ACH debit blocks and filters to prevent fraud
• Automatically transfer funds exceeding target balances to Illinois Funds accounts
• Send deposit notifications to Participants on same day
• Provide electronic enrollment and account management capabilities
• Supply detailed monthly account analysis statements in multiple formats