NIGP 94625: Banking Services

NIGP 94625 Banking Services is an Item code capturing comprehensive financial and treasury management services that state and local government bodies solicit to manage operating cash, investments, payroll processing, payments, and custodial functions. State and local issuing bodies soliciting under this code range from large counties and cities to school districts, public utilities, transit authorities, pension funds, higher education systems, and special-purpose districts; recent activity shows widespread repeat purchasing across municipal treasuries (Volusia County, Florida; Harris County, Texas; City of Snellville, Georgia), public-sector pension and retirement systems (Sacramento County Employees' Retirement System; public safety pension boards), transit authorities (Massachusetts Bay Transportation Authority), and higher education institutions (Snow College, Texas A&M System). Scope of work currently being procured includes core depository services (account maintenance, ACH and wire processing, positive pay, remote deposit capture, reconciliation), purchasing card and merchant card processing, custodial and safekeeping services for investment securities and pension assets, treasury cash management and sweep arrangements, investment advisory and portfolio management, fuel hedging and commodity risk management, and specialized payment processing systems such as WIC Electronic Benefit Transfer (EBT) transaction processing and Certificate of Deposit Account Registry Service (CDARS) placement services.

Geographic activity spans multiple regions with recent solicitations posted from Texas (Harris County, Snellville, Balch Springs, New Smyrna Beach utilities), Florida (Broward County, Volusia County, Sarasota, Winter Park, Troup County Schools in Georgia), California (State Controller's Office, California State University), Utah (Snow College, Wasatch Front Regional Council), Massachusetts (Worcester Housing Authority, Massachusetts Bay Transportation Authority, MassHousing), Missouri (State Treasurer), Georgia (Gwinnett County, Snellville, Troup County Schools), and Pennsylvania (Lycoming-Clinton Joinder Board). Representative recent opportunities include Snow College's RFP for investment services managing approximately $34 million in endowment funds with proposals due November 14, 2026; the Massachusetts Bay Transportation Authority's RFP for fuel hedging services covering approximately 10.5 million gallons of hedged annual fuel consumption with responses due November 19, 2026; Troup County School System's RFP for comprehensive banking services supporting approximately $300 million in annual cash flow across 20+ locations with proposals due November 6, 2026; and Broward County's RFP for Master Banking Services across five service groups (lockbox, merchant card, purchasing card, custodian/safekeeping, and treasury) with proposals due October 13, 2026. Banking services RFPs are typically issued as competitive sealed proposals with evaluation weighting technical capability and pricing; many include local preference or small-business set-asides and mandatory insurance, cybersecurity, and regulatory compliance requirements.