Originating Depository Financial Institutions (ODFI)
Active State & local contract Michigan
- Contract number
- MA250000000895
- Awardee
- COMERICA BANK
- Contracting organization
- Department Technology, Management and Budget
Contract facts
- Cumulative value
- $1,736,550
- End date
- Points of contact
-
- Joy Nakfoor nakfoorj@michigan.gov (517) 249-0481
- Tyler Kemp kempt@michigan.gov (517) 420-4198
- Setra Cooper-Allix scooper-allix@comerica.com (734) 632-4654
Contract details come from michigan.gov. Updated .
About this contract
The Michigan Department of Technology, Management and Budget (DTMB) Indefinite Delivery Vehicle (IDV) provides Originating Depository Financial Institution (ODFI) services for electronic fund transfers and automated clearing house (ACH) transactions. This contract enables the state to process a wide range of financial transactions, including vendor payments, payroll, income tax refunds, retirement payments, and other state-related electronic financial transfers. The IDV is designed to streamline and centralize the state's electronic payment processing capabilities through a comprehensive financial service agreement.
Comerica Bank is the prime contractor for this IDV, with a contract period spanning from October 1, 2025, to September 30, 2030. The contract, valued at $1,736,550.00, covers the State of Michigan and is structured with transaction pricing on a tiered volume basis ranging from $0.040 to $0.025 per transaction. The contract includes provisions for file transmission, security, reporting, and compliance with NACHA rules, with options to renew for up to two additional 1-year periods. The Department of Technology, Management and Budget serves as the contracting organization, ensuring robust financial transaction processing for state government operations.
Files
| File | Type | Posted |
|---|---|---|
| 250000000895.pdf |
Quick answers
Who holds contract MA250000000895?
Contract MA250000000895 was awarded to COMERICA BANK by Department Technology, Management and Budget in Michigan.
How much is contract MA250000000895 worth?
Its cumulative value is $1,736,550.
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