Payment/Disbursement Services

The State of Florida, Department of Financial Services, Division of Unclaimed Property is seeking information through a Request for Information (RFI) on modern payment options that will provide added benefit to unclaimed property claimants and create efficiencies for the State. The Department is interested in exploring alternative payment methods to reduce the number of cancelled, reissued, and returned warrants, while maintaining the option for claimants to be paid by check. The Department processes over 600,000 claims annually, resulting in the return of $388 million, with an average disbursement amount of $875. The Department may use the information provided by the vendor community to determine whether to competitively procure these services and to inform the solicitation process and specifications. Vendor responses to the RFI are due by October 19, 2023, and the Department may hold presentations with one or more responding vendors.

The RFI is open to all vendors, and there are no set-aside designations or restrictions on the types of organizations that can respond. The Department currently issues all unclaimed property payments itself, with no incumbent contract. The Department is interested in exploring payment systems that would facilitate offering unclaimed property claimants the fastest and most efficient form of payment, which may include stored value products or accounts. The Department has not provided a specific award value or budget range for this opportunity.