RFP Electronic Funds Transfer Services 370-400-27-044

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Request for Proposals
Electronic Funds Transfer Services
370-400-27-044
October 1, 2026
Proposals due before 1:00 p.m. CT on October 21, 2026
Mr. Christopher Flynn
Chief Procurement Officer
Illinois State Treasurer's Office
1 East Old State Capitol Plaza
Springfield, IL 62701
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Office of the Illinois State Treasurer
Request for Proposals
Electronic Funds Transfer Services
370-400-27-044
Table of Contents
I. OVERVIEW ................................................................................................................................ 3
II. BACKGROUND .......................................................................................................................... 3
III. SCOPE OF WORK ...................................................................................................................... 4
IV. RFP SCHEDULE AND PROCESS ............................................................................................. 7
V. EVALUATION PROCESS AND CRITERIA........................................................................... 11
VI. PROPOSAL ............................................................................................................................... 13
VII. CONTRACTUAL TERMS ........................................................................................................ 20
Appendix A IDOR Electronic Tax Types 2026
Appendix B Electronic Payment Volumes FY 2026
Appendix C Monthly EDI Transmission Processing Volumes FY2026
Appendix D Daily Wire Transfer Volume FY 2026
Appendix E Daily Sweep Repurchase Agreement Investments FY 2026
Appendix F ACH Return Volumes FY 2026
Appendix G 2025-2026 Peak Processing Volumes
Appendix H IDOR Electronic Payment Specifications 2026
Appendix I Account Analysis 822 EDI Format
Appendix J Proposed Cost Structure
Appendix K Illinois State Treasurer Certifications, Disclosures Financial Interest and
Potential Conflicts of Interest (Disclosure Form A), and Disclosures Other
Contract and Procurement Related Information (Disclosure Form B)
Appendix L Minimum Mandatory Service Requirements
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I. OVERVIEW
The Office of the Illinois State Treasurer ("Treasurer") is issuing this Request for Proposals ("RFP") for
the Illinois Department of Revenue ("IDOR") for Electronic Funds Transfer ("EFT") services, specifically
the collection and processing of various tax payments. Financial institutions that respond to this RFP
("Respondent(s)") shall submit their responses ("Proposals") before 1:00 p.m. CT on October 21, 2026.
The Treasurer seeks a successful Respondent ("Contractor") to provide efficient and cost-effective payment
processing services. The Contractor must be authorized to do business in Illinois as an Illinois bank or a
national bank 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 quality 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 Contractor shall enter into a contract with the Treasurer ("Agreement") for an initial term of four (4)
years. Upon expiration of this term, the Treasurer may elect to extend the Agreement for additional periods
agreed upon by the parties, not to exceed a total term of ten (10) years, including the initial four (4) years.
II. BACKGROUND
The Treasurer has explicit statutory authority to receive "the revenues and all other public moneys of the
state, and all moneys authorized by law to be paid to him and safely keep the same." 15 ILCS 505/7. This
authority allows the Treasurer to receive payments for taxes by EFT.
IDOR accepts various tax types, all of which are listed in the IDOR Electronic Tax Types 2026 attached
hereto as Appendix A. The Treasurer's current EFT vendor ("Current Vendor") accepts the tax payments
in the form of Automated Clearing House ("ACH") credits, ACH debits initiated by taxpayers through the
Interactive Voice Response ("IVR") system, and IDOR-initiated debits authorized through IDOR's own
website and then deposits them in an account at the direction of the Treasurer.
The Treasurer has established two internal accounts, at the request of IDOR, to record the tax payments
received by the Treasurer. The Treasurer executes a daily wire transfer or book transfer at approximately
10:00 a.m. central time ("CT"). The transfer is based on the actual balance available in the account
(balance collected the previous day plus sweep investment, plus current day ACH and wire transfer
transactions) minus a predetermined amount to cover return items. The funds are then transferred to the
Treasurer's concentration bank for daily investment.
Based on the processes set forth above, the following documents provide additional information:
1. Electronic Payment Volumes FY 2026, attached hereto as Appendix B;
2. Monthly EDI Transmission Processing Volumes FT2026, attached hereto as Appendix C
3. Daily Wire Transfer Volumes for FY 2026, attached hereto as Appendix D;
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4. Daily Sweep Repurchase Agreements Investments for FY2026, attached hereto as Appendix E;
5. ACH Return Volumes FY 2026, attached hereto as Appendix F; and
6. 2025-2026 Peak Processing Volumes hereto as Appendix G.
The estimates of numeric data, such as volume activity history, contained in this RFP are based on
historical information or projections and may change as a result of future technological advancements,
related statutory or administrative changes, agency initiatives, consumer behavior, and/or other factors.
III. SCOPE OF WORK
As directed by the Treasurer, the Contractor shall provide the Treasurer the services set forth in this
Section III (collectively, the "Services") in accordance with applicable State and federal laws, rules, and
regulations:
A. IDOR's Services
In accordance with the IDOR Electronic Payment Specifications 2026, attached hereto as Appendix H, or
any updated or future versions of the specifications (along with any updates, the "Payment
Specifications"), the Contractor shall perform the following:
1. Receive tax payments from taxpayers in the form of ACH debits and credits and Federal
Reserve wire transfers;
2. Deposit tax payments in the Treasurer's Account (defined in Section III.B.1);
3. Establish on behalf of IDOR and maintain a toll-free number for an IVR system, which shall
be used exclusively for taxpayers to call and authorize IDOR to initiate a debit of EFT
payments. In the event that the Current Vendor surrenders the current toll-free number that is
in use, the Contractor shall maintain such toll-free number. Upon termination of the
Agreement, the Contractor shall surrender to IDOR or a successor vendor any toll-free number
utilized by the Contractor for the Services;
4. Provide an ACH Notification of Changes ("NOC") solution to correct erroneous ACH data on
transactions to avoid violating the National Automated Clearinghouse Association's
("NACHA") rules;
5. Transmit specific data regarding the tax payments to IDOR;
6. Provide IDOR a daily report in text file ("TXT") format regarding all deposits. Refer to the
Payment Specifications for an example of the TXT report;
7. Provide IDOR with a daily report in TXT format regarding all ACH return items. Please see
the Payment Specifications for an example of the TXT report; and
8. Perform any other requirements set forth in the Payment Specifications.
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B. Treasurer's Services
For the Treasurer's Account (defined in Section III.B.1), the Contractor shall perform the following:
1. Open a demand deposit account in the name of the Treasurer, for which all EFT payments
received by the Contractor will be deposited ("Treasurer's Account ");
2. Accept incoming wire transfers;
3. Accept outgoing wire transfers initiated by the Treasurer;
4. Accept Automated Clearing House ("ACH") Debits based on specific company identification
numbers ("IDs");
5. Accept ACH Credits;
6. Invest end-of-day collected balances for the Treasurer's Account in either repurchase
agreements or money market funds. Contractor may not utilize Certificate of Deposit Account
Registry Service ("CDARS") or CDARS-like options. Provide the most current information
on all available sweep options, including any maximum or minimum dollar amount
requirements and prospectuses for money market sweep funds;
7. If sweep options are not selected or if there are limit requirements for maximum allowable
sweep balances, ensure collateralization of end-of-day collected balances above the Federal
Deposit Insurance Corporation ("FDIC") insurance and sweep limits, through a pledge of
securities in compliance with Sections 11 and 11.1 of the Deposit of State Moneys Act (15
ILCS 520/0.01 et. seq.) Contractor may not utilize CDARS or CDARS-like options;
8. Pledge securities for collected balances, if applicable, equal to 102% of the market value of the
largest total balance the Treasurer maintains with the Contractor, less the insurance amount
provided by the FDIC. Collateral must comply with the Acceptable Collateral Listing: List of
Financial Assets Qualified for Collateral to Secure Deposits and Repurchase Agreements
available on the Treasurer's website at the following address:
https://illinoistreasurer.gov/home/financial-institutions/access-to-capital/acceptable-
collateral-listing/
The collateral will be placed for safekeeping under the control and in the name of the Treasurer
with a third-party custodian designated by the Treasurer.
Pledge securities for collected balances, which securities shall exclude CDARS or CDARS-
like options;
9. Provide the Treasurer an earnings credit in the account analysis report, based on the average
monthly collected balance in the Treasurer's Account, and offset the fees related to the
Treasurer's Account with such earnings credit. If there is an excess earnings credit after fees
have been offset, the remaining earnings credit shall be carried forward to offset the next
month's fees in addition to the current month's earnings credit with an annual reset in January
of the excess earnings credit;
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10. Provide an ACH debit block and debit filter, with the ability to allow specific company IDs to
post to the Treasurer's Accounts;
11. Provide positive pay filter services to prevent check writing on the account;
12. Provide the Treasurer with dual controls for both the establishment and maintenance of security
administrator rights, as well as for the creation and maintenance of multiple users and wire
transfer templates for the Treasurer's Account;
13. Provide the Treasurer with specific points(s) of contact for the Services, direct access to staff,
and emergency contact phone numbers for the Treasurer's Accounts;
14. Provide the Treasurer the ability to electronically obtain by 6:00 a.m. CT every day, including
weekends and holidays, a current and prior day bank statement as well as current and prior day
transaction details for the Treasurers Accounts in Bank Administration Institute ("BAI") file
format, comma separated values ("CSV"), and portable document format ("PDF") from the
Contractor's treasury management system or have a direct file transmitted from the Contractor
to import to the Treasurer's treasury management system;
15. Provide the Treasurer with the ability to search all data fields related to a specific transaction
within Contractor's treasury management system for the Treasurer's Accounts as well as the
ability to conduct ad-hoc searches of transactions based on specific criteria and export the
results to either PDF or Excel formats;
16. Provide the Treasurer with the ability to produce reports that contain the details of the wire
transfer transactions, including the initiating and confirming parties for the Treasurer's
Accounts;
17. Provide the Treasurer with an automatic electronic file, for both current day and prior day bank
statements by 6:00 a.m. CT, every day, including weekends and holidays, for the Treasurer's
Accounts in BAI file format to be uploaded into the Treasurer's treasury management system;
18. Provide the Treasurer with an automatic electronic file, for current day transactions by 6:00
a.m. CT and throughout the day, every day, including weekends and holidays, for the
Treasurer's Accounts in BAI file format to be imported into the Treasurer's treasury
management system;
19. Provide the Treasurer with oral or electronic notification prior to 2:00pm CT of any
adjustments or ACH returns affecting the Treasurer's Account in excess of $25,000;
20. Provide the Treasurer with the ability to electronically produce a return item report by company
ID for both current and prior day activity that contains the following details: trace number,
settlement date, confirmation number, amount, taxpayer name, and reason code;
21. Provide the Treasurer with the ability to electronically obtain a report by 8:00 a.m. CT from
the Contractor's treasury management system that contains current day totals for the foll: ACH
debit originated settlement, ACH credits received, and ACH transactions being returned;
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22. Accept electronic files from the Treasurer in a format determined by the Treasurer, scheduled
throughout the day, every day the Federal Reserve wire transfer system is operational,
containing wire transfer transactions for execution by the Contractor. The Contractor will
provide an acknowledgement file, or other mutually agreed upon notification, to the Treasurer,
on the same day the wire transfer transactions are processed, containing the executed wire
transfer transaction details;
23. Provide the Treasurer the ability to produce a monthly account analysis statement within ten
(10) business days following the last calendar day of the month, for the Treasurer's Account,
in PDF format from the Contractor's treasury management system, that details all services
provided by the Contractor based on the agreed upon cost structure and all associated charges
for the Treasurer's Account;
24. Provide the Treasurer, within ten (10) business days following the last calendar day of the
month, for the Treasurer's Accounts, on the Contractor's treasury management system or other
mutually agreed upon Contractor system, the ability to access an Electronic Data Interchange
("EDI") transmission detailing the monthly service charges provided on the PDF version of
the account analysis statement, in an 822 format that is compatible with the Treasurer's account
analysis program. The current account analysis format is listed in Appendix I Account
Analysis 822 EDI Format;
25. Provide the Treasurer the ability to assign specified members of its staff access to the
Contractor's treasury management system ("Users"). This assignment must include the ability
to assign each User with a daily limit for initiating or confirming wire transfer transactions for
the Treasurer's Accounts;
26. Accommodate changes to processes outlined in this Section III resulting from technological
advancements, financial industry advancements, banking changes, or changes in any treasury
management system(s) of the Treasurer.
27. Perform any additional related custody and safekeeping duties requested by the Treasurer.
IV. RFP SCHEDULE AND PROCESS
This Section provides the schedule and process for this RFP.
A. RFP Schedule
The following is the schedule for this RFP:
Date Event
October 1, 2026 RFP published on the Treasurer's website.
Notice of intent to attend optional Respondent's Conference
October 5, 2026 due before 1:00 p.m. CT.
October 6, 2026 Optional Respondent's Conference at 9:30 a.m. CT.
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October 7, 2026 All Respondent questions due by 12:00 p.m. CT.
October 13, 2026 Responses to all questions posted on the Treasurer's website.
October 21, 2026 Proposals are due before 1:00 p.m. CT.
Week of November 2, Interviews and site visits, if any, with final candidates.
2026
Week of November 2, If applicable, best and final offer due.
2026
Week of November 9, Notification of award and begin negotiation of Agreement.
2026
These dates are subject to change at the Treasurer's discretion.
B. Contact Information
The Treasurer's Chief Procurement Officer ("CPO") is the sole point of contact concerning this RFP.
Respondents should submit questions about the intent or content of this RFP and request clarification
of all procedures used for this procurement prior to the submission of a Proposal. Respondents must
submit their questions in writing by e-mail to the CPO, Christopher Flynn, at
cflynn@illinoistreasurer.gov by 12:00 p.m. CT on October 7, 2026.
C. Optional Respondent's Conference
If a Respondent intends to participate in the Optional Respondent's Conference, Respondent must e-
mail the CPO notice of intent to participate before 1:00 p.m. CT on October 5, 2026. The Optional
Respondent's Conference shall be at 9:30 a.m. CT on October 6, 2026.
D. Proposal Submittal
All Proposals may be submitted either in hard copy form or electronically but must be received by the CPO
before 1:00 p.m. CT on October 21, 2026.
1. Packet submission in hard copy form
Proposals submitted in hard copy form must be submitted in a sealed envelope or package with
"Office of the Illinois State Treasurer Request for Proposals Electronic Funds Transfer
Services 370-400-27-044" shown on the front of the envelope or package, along with
Respondent's name and address. Specifics regarding the Proposal Format (i.e., number of
copies) are found in Section VI.A. entitled "Proposal Format" of this RFP.
If confidentiality of any information is asserted, please include a Redacted Copy in accordance
with Section IV.E.9 of this RFP.
Proposals submitted in hard copy form must be received at the address below before 1:00
p.m. CT on October 21, 2026.
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Packet must be mailed to:
Mr. Christopher Flynn
Chief Procurement Officer
1 East Old State Capital Plaza
Springfield, IL 62701
2. Packet submission via electronic form
When submitting a Proposal electronically, please e-mail by 1:00 p.m. CT on October 21, 2026,
the following to BankingServicesRFP@illinoistreasurer.gov:
a. name of contact person
b. business name and business address
c. e-mail address and telephone number
d. a complete list of submitted files
3. Use of electronic version of this RFP
This RFP is electronically available. If Respondent electronically accepts the RFP, s/he
acknowledges and accepts full responsibility to ensure that no changes are made to the RFP.
Should a conflict arise between a version of the RFP in Respondent's possession and the
Treasurer's version, the Treasurer's version shall prevail.
4. Opening of Proposals
Proposals will be opened publicly at 2:00 p.m. CT on October 21, 2026 at the following
location:
Office of the Illinois State Treasurer
1 East Old State Capitol Plaza
Springfield, IL 62701
E. RFP Process
1. Internet/E-mail Communications
The Treasurer may communicate with Respondents via e-mail. Each Respondent should
provide an e-mail address with its response for ease of communication throughout this RFP
process.
2. Oral Communications
Any oral communication from the Treasurer's employees or its contractors concerning this RFP
is not binding on the Treasurer, and shall in no way alter a specification, term, or condition of
this RFP.
3. Amendments
If it is necessary to amend this RFP, the Treasurer will post any amendments or addenda on its
website at www.illinoistreasurer.gov.
4. Respondent's Costs
The cost of developing a Proposal is each Respondent's responsibility and shall not be charged
to the Treasurer.
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5. Withdrawal of Proposal
Respondent may withdraw its Proposal at any time prior to the deadline for receipt of
Proposals. The Respondent must submit a written withdrawal request, addressed to the CPO,
and signed by the Respondent's duly authorized representative.
6. Modification of Proposal
A Respondent may submit an amended Proposal before the deadline for receipt of Proposals.
Such amended Proposal must be a complete replacement for the previously submitted Proposal
and must be clearly identified as such in the transmittal letter to the CPO.
7. Proposal is a firm offer
A Proposal submitted in response to this RFP is a firm and binding offer, valid for 180 days after
the due date for Proposals or the due date for the receipt of a best and final offer, whichever
falls later.
8. Proposal is State Property
On the Proposal due date, all Proposals and related material submitted in response to this RFP
become the property of the State of Illinois.
9. Proposal is Part of a Public Procurement File
All Proposals received by the Treasurer will be open to the public, though a Respondent may
request that the Treasurer treat certain information as confidential in accordance with 44 Ill.
Admin. Code 1400.2505. If Respondent requests confidential treatment of any information
it considers to be exempt from public disclosure under FOIA or other applicable laws and rules,
Respondent should submit a Redacted Copy, which copy shall be clearly identified as the
"Redacted Copy." In a separate attachment to the Redacted Copy, Respondent shall supply a
listing of the provisions of the Proposal, identified by section number, for which it seeks
confidential treatment, identify the basis of each claimed exemption, and show how that basis
applies to the request for exemption in accordance with 44 Ill. Admin. Code 1400.2505(l).
The Redacted Copy must retain as much of the Proposal as possible.
A request for confidential treatment will not supersede the Treasurer's legal obligations under
FOIA. The Treasurer will not honor requests to keep entire Proposals confidential and will in
any event disclose the successful Respondent's name, the substance of the Response, and the
price. In responding to a request under FOIA, the Treasurer reserves the right to rely on
Respondent's decision whether to submit a Redacted Copy with its Proposal, and the Treasurer
is under no obligation to notify vendor prior to providing a complete and unredacted Proposal,
with any attachments, if Respondent does not elect to provide a Redacted Copy with its
Proposal as described in this Section.
10. Encouragement Regarding Hiring
Prospective Contractors are encouraged to hire qualified veterans as well as qualified Illinois
minorities, women, persons with disabilities and residents discharged from any Illinois adult
correctional center.
11. CPO May Cancel RFP
If the CPO determines that it is in the Treasurer's and 's best interest, he reserves the right to
do any of the following: a) cancel this RFP; b) modify this RFP in writing as needed; or c) reject
any or all Proposals received in response to this RFP.
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