Wholesale Lockbox Banking: Check processing/ Remittance Processing for Enterprise

The Wisconsin Wholesale Lockbox Banking contract provides comprehensive check processing and remittance processing services for state agencies. This multi-award vehicle enables state agencies to utilize U.S. Bank National Association's wholesale lockbox services, which include collecting and depositing checks mailed to a designated Post Office box, scanning checks and accompanying documentation, and transmitting electronic payment files for integration with agency billing systems. The contract covers various financial service categories including money market accounts, checking accounts, time deposit accounts, and other financial service transactions, with specific focus on efficient and secure payment processing.

The contract was awarded by the Wisconsin Department of Administration's Division of Enterprise Operations State Bureau of Procurement and is effective from July 1, 2024, through June 30, 2028. Awarded through a sole-source governor's waiver, the contract is mandatory for state agencies but not available for cooperative use by municipalities. U.S. Bank National Association serves as the prime contractor, with a comprehensive pricing structure ranging from $0.00500 to $0.65000 per processed item, including monthly maintenance fees and specialized services. The contract is not renewable and requires agencies to coordinate directly with the DOA Treasury Group to establish lockbox services, with contract management handled by the Bureau of Procurement.