Minneapolis Supplier Systems #0000004312

City of Minneapolis RFP for Comprehensive Banking Services

The City of Minneapolis is seeking proposals from qualified financial institutions to provide a full suite of banking services for its Finance and Property Services Department. - Government Buyer: - City of Minneapolis, Finance and Property Services Department - Key contacts: Dave Wheeler (Director - Banking, Investments & Debt), Aksana Belik - OEMs and Vendors: - No specific OEMs or vendors are named; solicitation is open to all qualified financial institutions - Products/Services Requested: - General depository banking (including demand deposit, zero balance, concentration, fiduciary, payroll, purchasing card, merchant settlement, and auxiliary accounts) - Lockbox services (retail and wholesale, high- and low-volume, payment processing, remittance transmission, exception handling, image access) - Prepaid card services (for employees, contractors, election judges, refunds; reloadable/non-reloadable, multi-language, ATM/POS use) - Cash management (vault, armored courier, coin/currency ordering, remote deposit, branch deposits, deposit verification) - Electronic payments (ACH origination/collection, wire transfers, real-time payments via FedNow/RTP) - Fraud prevention and security (positive pay, ACH blocks/filters, dual authorization, multi-factor authentication, real-time fraud detection) - Treasury management technology (browser/mobile portal, ERP integration with Workday/PeopleSoft, APIs, secure file transfer, automated reporting) - Investment/custody services, paper disbursement, EDI payment services, information/reporting services - Detailed service line items with specified volumes (e.g., 1250 monthly recoupments, 21 lockbox express mail, 202,158 cash vault currency/coin deposited) - Unique or Notable Requirements: - Ability to provide all or any subset of requested services - Option for secondary financial institution for business continuity - Integration with City ERP systems (Workday, PeopleSoft) - Compliance with security, reporting, and regulatory standards - Electronic proposal submission via eSupplier Portal - Flexible account management (add/eliminate accounts during contract) - Contract Structure: - Initial 3-year term with two optional 1-year renewals (potential 5-year total) - City reserves right to adjust products/services implemented during contract

Description

The City of Minneapolis is soliciting proposals from qualified financial institutions to provide banking services including general depository banking, lockbox services, and prepaid card services. The City may also select a secondary bank for ad hoc or business continuity purposes, though no business is guaranteed to the secondary bank. The contract term is planned to begin April 1, 2027, and extend through March 31, 2030, with options for two one-year renewals under the same fees. Proposals must be submitted electronically through the City's eSupplier Portal by October 22, 2026, at 2:00 PM CST.

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