Treasury Concentration Account Financial Services

The Florida Department of Financial Services (DFS) is issuing an Invitation to Negotiate (ITN) for Treasury Concentration Account Financial Services, seeking a Qualified Public Depository to establish and maintain a statewide master concentration account with approximately 600 agency-specific subaccounts. The selected vendor must provide comprehensive banking services including branch financial services in Tallahassee, online banking access, ACH origination and receipt processing, lockbox services, remote deposit capture, image cash letter services, and disaster recovery capabilities. Key requirements include having deposits of at least $9 billion during calendar year 2023, maintaining a Federal Reserve Bank branch account, and providing financial services for processing deposits including cash, wire transfers, ACH credits, domestic checks, and foreign checks. The ITN timeline includes questions due by January 29, 2025 at 3:00 PM ET, with responses posted by February 12, 2025, and proposals due March 12, 2025 by 3:00 PM ET, with a public opening at 3:30 PM ET. Evaluation will involve determining a competitive range of the top three scoring responses, followed by negotiations with selected vendors. The initial contract term is five years beginning March 22, 2026, with potential for up to five additional years of renewals.

The procurement does not appear to have specific set-aside designations for disadvantaged enterprises, but vendors must meet strict qualification criteria including being a Qualified Public Depository for Florida and having substantial financial capacity. Pricing will be structured through an Earnings Credit Rate of 90-day Treasury bill plus 8.5 basis points (with a minimum of 40 basis points) applied to excess collected balances, and no fees will be charged for FDIC insurance, financial supplies, or file interface connections. The contract allows for participation by state agencies, political subdivisions, and the judicial branch through separate participation agreements. Financial consequences ranging from $100 to $3,000 per day will apply for various service level failures. While no incumbent vendor is explicitly mentioned, the solicitation indicates an existing infrastructure of approximately 600 agency accounts that will require seamless transition and integration. The total annual transaction volume across services is approximately 61 million transactions, suggesting a significant and complex banking services requirement with potential substantial annual transaction value.