RFI - Technology Solutions for Investment.pdf

Request for Information – RFx ID 124409

ISSUE DATE: July 15, 2026

TITLE: Technology Solutions for Investment, Cash Management and Local Government Investment Pool (LGIP) Administration

ISSUING AGENCY: Commonwealth of Virginia Department of the Treasury

Request for Information submission: Submission must be submitted via attachment using the Commonwealth’s e- Procurement portal (eVA) no later than 10:00 a.m. August 14, 2026.

Inquiries for information regarding this request for information shall be in writing directed to: Vernita Boone, Procurement Officer, via e-mail @ Vernita.Boone@trs.virginia.gov no later than August 14, 2026. Procedural inquiries may be made by telephone at 804-845-6439.

I. PURPOSE

The Virginia Department of the Treasury ("Treasury") is seeking information from qualified vendors regarding Commercial Off-the-Shelf (COTS) technology solutions capable of supporting Treasury's investment management, cash management, and Local Government Investment Pool (LGIP) administration functions.

Treasury currently utilizes an internally developed Financial Management System (FMS) that supports many of these operations. Treasury is evaluating the marketplace to better understand commercially available solutions that can improve automation, operational efficiency, security, reporting, workflow, auditability, and integration while reducing reliance on internally developed software.

This Request for Information (RFI) is intended solely to gather information and does not constitute a solicitation or commitment to procure any products or services. Information received will assist Treasury in developing future procurement strategies and requirements.

II. BACKGROUND

Overview of Treasury's Portfolios

As of June 30, 2026, Treasury manages a range of portfolios with total assets under management (AUM) of $43,100.1 million, including:

• General Account — Treasury's largest portfolio, comprising the Commonwealth's operating funds (e.g., General Fund, Transportation Trust Fund, Highway Maintenance Fund, Lottery Fund, and various Insurance Funds). AUM is $ 28,755.1 million. It is divided into two components:

o Primary Liquidity Portfolio (PLP) - managed internally by Treasury staff, subject to the General Account Investment Guidelines and applicable statutes; Treasury staff also performs related credit analysis. AUM is $15,394.3 million.

o Extended Duration and Credit Portfolio (EDCP) - managed by approximately seven external money managers, with performance oversight provided by Treasury's investment manager, Mercer. AUM is $13,360.8 million. (A brief description of how a proposed solution could support oversight of EDCP managers and performance is welcomed, though this is not a primary focus of the RFI.)

• Local Government Investment Pool (LGIP) - meets participants' daily operational cash management needs; established under the Code of Virginia "Local Government Investment Pool Act" (§§2.2-4600 et seq.) and is rated AAAm by S&P. AUM is $13,822.1 million.

• LGIP Extended Maturity (LGIP EM) - meets longer-term investment needs of Virginia public funds investors; floating NAV; maximum maturity of five years with an expected weighted average maturity of one year; expected to be rated AAAf/S1+ by S&P. AUM is $134.2 million.

• Tobacco Indemnification and Community Revitalization Endowment (TICR) - Consists of both the Taxable and Tax-Exempt portfolios, established under § 3.2-3104 of the Code of Virginia, with the Treasury Board serving as trustee and custodian. AUM of both portfolios is $303.2 million.

• Other smaller portfolios managed by Treasury that must also be accommodated by any proposed technology solution. AUM is approximately $85.5 million.

2.3 Key Service Providers

• State Street Trust and Banking Corporation - master custody and fund accounting (share price calculation for LGIP and LGIP EM) services for the Commonwealth

• Northeast Retirement Services (NRS) / Global Trust Company- specialized mutual fund services (e.g., Transfer Agent/Record Keeper) for LGIP and LGIP EM

• Bank of America, JPM Chase, Truist, and Wells Fargo — primary cash management banking services, along with 20+ “local” depository institutions providing lockbox and depository services throughout the Commonwealth serving local state agencies/entities

• Mitsubishi Bank — securities lending activities (primarily on the General Account)

III. SCOPE OF SERVICES

Treasury is seeking information on solutions addressing three core functional areas:

3.1 Cash Management

• Ability to read and present cash views based on BAI files from Treasury's primary banks

• Ability to make manual adjustments based on activity type and specific bank/account

• Cash forecasting capabilities incorporating BAI file data and maturing investment information, to support planning for known future cash needs (e.g., payroll, debt service) and matching investment maturities to cash outflows

• Ability to create and transmit payments via multiple channels, including Fed Wires, same-day ACH, FedNow, and

Real-Time Payments

• Information on the solution's current or planned capabilities to support stable value currencies, tokenized deposits, and other modern payment channels is also desired

3.2 LGIP Participant Administration

• Online participant portal capabilities allowing participants to manage authorized users, buy/redeem shares, and maintain contact information, addresses, bank details, and other data and functionality needed for annual "know your customer" oversight and audits

• Tiered approval workflow: certain data changes editable by any authorized user, while sensitive changes (e.g., bank details, user roles) require approval by a designated primary approver

• Ability to redirect users to NRS website portal as well as to post participant share information from that provider

• Automated Account Validation with a primary bank prior to any disbursement following a bank details update

3.3 Investment / Order Management

• Order management capabilities and relay of purchased securities information to the Custodian, Treasury's accounting system, and other stakeholders

• Support for both stable NAV (LGIP) and floating NAV (LGIP EM) portfolios, in addition to the General Account

• Trade impact analysis for actual and proforma trades

• Description of straight-through-processing capabilities for securities

• Management of forecasted and actual coupon payments

• Compliance and reporting functionality, including the ability to incorporate Treasury's internally developed and maintained Credit Rating Matrix (governing permissible investment entities/institutions by maturity limits and portfolio)

IV. Information Requested from Respondents

Treasury requests that respondents provide a comprehensive description of their proposed solution and organization.

Responses should be sufficiently detailed to allow Treasury to understand the capabilities of the proposed solution, the maturity of the product, and the vendor's experience supporting organizations with similar operational complexity.

At a minimum, respondents should address each of the following topics.

4.1 Company Information

Provide a general overview of your organization, including the year established, corporate ownership, headquarters location, number of employees, and primary business focus. Describe your experience providing treasury management, investment management, or public sector financial technology solutions. Include the number of active clients, particularly state governments, local governments, public investment pools, or other governmental treasury organizations.

Describe your organization's financial stability, long-term product strategy, and commitment to continued investment in the proposed solution.

4.2 Product Overview

Provide an overview of the proposed Commercial Off-the-Shelf (COTS) solution, including the current software version, deployment model, hosting options, underlying technology platform, and supported operating environments.

Indicate whether the solution is delivered as Software-as-a-Service (SaaS), vendor-hosted, cloud-hosted, or customer-hosted. Describe the release schedule for software updates and the vendor's approach to maintaining customer configurations during future upgrades.

Treasury is particularly interested in configurable software that minimizes custom development while allowing business processes, workflows, reporting, and security settings to be tailored to Treasury's operational needs.

4.3 Functional Capabilities

For each functional area described in Section 3, describe how the proposed solution satisfies Treasury's requirements.

For each capability, identify whether the functionality is:

• Available as native functionality;

• Available through system configuration;

• Requires custom software development;

• Requires a third-party application or integration; or

• Is not currently available.

Where functionality is planned but not currently available, identify the anticipated release timeframe.

Treasury encourages respondents to provide screenshots, sample workflows, sample reports, or other supporting documentation where appropriate.

V. TECHNOLOGY ARCHITECTURE AND SECURITY

Treasury seeks information regarding the overall technical architecture of the proposed solution, including infrastructure, security, resiliency, and long-term scalability.

Respondents should describe the overall system architecture, including application components, database technologies, hosting environment, and integration framework.

Describe whether the solution is cloud-native, cloud-hosted, or on-premises, and identify the cloud provider if applicable.

Respondents should discuss the solution's approach to:

• Disaster Recovery

• Business Continuity

• High Availability

• System Monitoring

• Backup and Recovery

• Performance and Scalability

Treasury also requests information regarding cybersecurity controls, including:

• Multi-Factor Authentication (MFA)

• Single Sign-On (SSO)

• Role-Based Access Control

• Encryption of data at rest and in transit

• Security logging and monitoring

• Audit logging

• Vulnerability management

• Penetration testing

Indicate whether the solution has obtained or complies with any recognized security standards, including SOC 1, SOC 2, ISO 27001, FedRAMP, or other applicable certifications.

VI- INTEGRATION CAPABILITIES

Treasury's investment and cash management operations rely upon numerous financial institutions, custodians, banking partners, and supporting systems. Treasury seeks solutions capable of integrating with existing and future technologies through modern, standards-based interfaces.

Describe the solution's capabilities for integrating with:

• Banking institutions

• Custodians

• Mutual fund accounting providers

• General ledger systems

• Enterprise Resource Planning (ERP) systems

• Identity management platforms

• Business intelligence tools

• Document management systems

Treasury is particularly interested in support for industry-standard integration technologies including:

• BAI2

• ISO 20022

• SWIFT messaging

• REST APIs

• SOAP APIs

• XML

• Secure FTP

• Event-driven integrations

• Web Services

Please identify any existing integrations with Treasury's current service providers, including State Street, Bank of America, Wells Fargo, Truist, Northeast Retirement Services, Global Trust Company, Mitsubishi Bank, or other major financial institutions.

Describe how interfaces are monitored, how errors are handled, and how reconciliation of transmitted information is performed.

VII. CONTROLS, GOVERNANCE AND COMPLIANCE

Treasury maintains a strong internal control environment designed to safeguard public funds, enforce segregation of duties, and support regulatory compliance.

Respondents should describe how their solution supports internal controls throughout all functional areas.

At a minimum, responses should address:

• Role-based security

• Segregation of duties

• Configurable approval workflows

• Multi-level approvals

• Electronic signatures

• Complete audit history

• Historical record retention

• User activity monitoring

• Exception reporting

Describe how compliance rules can be configured and maintained by Treasury administrators without software customization.

Treasury is particularly interested in understanding how the proposed solution can accommodate Treasury's internally developed Credit Rating Matrix, investment policy restrictions, issuer eligibility rules, maturity limitations, and other investment compliance requirements.

If the solution includes automated compliance testing or exception reporting, describe these capabilities in detail.

VIII. ARTIFICIAL INTELLIGENCE, ANALYTICS AND REPORTING

Treasury is interested in understanding both current and future analytical capabilities available within proposed solutions.

Describe any embedded artificial intelligence, machine learning, predictive analytics, or advanced reporting capabilities included within the solution.

Examples may include:

• Cash forecasting

• Forecast variance analysis

• Liquidity forecasting

• Trade recommendations

• Investment performance analytics

• Fraud detection

• Payment anomaly detection

• Compliance monitoring

• Exception identification

• Natural language reporting

• Executive dashboards

Describe whether dashboards are configurable by business users and identify any self-service reporting capabilities.

Treasury also requests information regarding planned enhancements over the next three to five years related to artificial intelligence, automation, predictive analytics, payment modernization, and treasury management.

IX. IMPLEMENTATION APPROACH

Treasury seeks information regarding the vendor's implementation methodology and the typical activities associated with deploying the proposed solution.

Describe your organization's implementation approach, including:

• Project governance

• Discovery

• Business process review

• System configuration

• Data conversion

• Integration development

• Testing

• User Acceptance Testing

• Training

• Go-live support

• Post-implementation support

Identify the typical implementation timeline for organizations similar in size and complexity to Treasury.

Describe the vendor's approach to migrating historical investment, cash management, banking, and participant information from an internally developed system.

Treasury is particularly interested in understanding the resources expected from Treasury staff during implementation and any recommended best practices for a successful deployment.

X. ESTIMATED COSTS

Treasury is not requesting formal pricing proposals as part of this Request for Information.

However, respondents are requested to provide planning-level estimates to assist Treasury in understanding the potential cost of implementing and operating the proposed solution.

Please provide estimated ranges, where available, for:

• Software licensing or subscription fees

• Implementation services

• Data migration

• Training

• Annual maintenance

• Hosting services

• Professional services

• Optional software modules

If multiple licensing models are available, describe each model and the circumstances under which it is typically used.

Any pricing information provided in response to this RFI is for planning purposes only and shall not be considered binding.

XI. ADDITIONAL INFORMATION REQUESTED

Treasury welcomes any additional information respondents believe would assist in evaluating the maturity, flexibility, and long-term viability of the proposed solution.

Respondents are encouraged to include:

• Product brochures

• Technical architecture diagrams

• Sample reports

• Sample dashboards

• Sample workflow diagrams

• Security documentation

• Disaster recovery documentation

• Implementation methodology

• Training materials

• Product roadmap

• Public sector case studies

• Customer success stories

• Independent analyst reports

• Industry awards or recognitions

Respondents should also identify any capabilities currently under development that are expected to become available within the next three to five years and explain how those enhancements may benefit Treasury's investment management, cash management, or LGIP administration operations.

Finally, Treasury invites respondents to provide recommendations regarding leading practices, implementation considerations, or functional capabilities that should be considered as Treasury evaluates the replacement of its internally developed Financial Management System (FMS).

XII. PROPRIETARY INFORMATION

The inclusion of proprietary information should not be necessary in order to respond to this RFI and respondents should not provide confidential or proprietary information unless absolutely necessary. All information provided in response to this RFI is subject to the disclosure requirements of the Virginia Freedom of Information Act (FOIA). Invoking the protections of Code of Virginia §2 4342D for information which you believe constitutes a trade secret, proprietary information, or other confidential information exempted from disclosure, may be submitted in writing with the RFI per the instructions below. Failure to submit the written request may subject confidential information to disclosure under the FOIA. A. Invoke such exemption in writing upon the submission of the materials for which protection is sought; B.

Identify specifically and clearly the data or other materials for which the protection is sought; C. State the reasons protection of the data or other materials is necessary; D. Include a redacted copy of your response submission.

Contact Information Enter your response here.

Company Name

Company Mailing Address

Company Website Address

Name and Title of Contact Person

Contact E-mail address

Years company has been in business

Location

Thank you for responding to this Request for Information.