Illinois State Treasurer Banking Services for Cash Processing of Tax Payments - 370-500-25-041 (2025)
IL-State-Office of the Illinois State TreasurerState · Springfield, IL- Due
- Jun 4, 2025
- Deadline passed
- Posted
- May 6, 2025
- Contract term
- 4 years
- Primary contact
- Christopher Flynn
- (217) 782-6557
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THE 30-SECOND BRIEF
The Illinois State Treasurer is seeking proposals for specialized banking services for the cash processing of tax payments collected by the Illinois Department of Revenue (IDOR) for recreational adult use cannabis and medical cannabis. The scope includes maintaining Treasurer Accounts, processing cash payments from cultivators and dispensaries at branch locations, handling wire transfers and ACH transactions, managing end-of-day balances and sweep options, pledging securities as collateral, providing earnings credits, and executing ACH debit block/filter and positive pay services. Proposals are due by 1:00 p.m. CT on June 4, 2025, with an initial contract term of four years and potential extensions up to ten years total. The successful contractor must interface with the Treasurer’s Treasury Management System and comply with strict security and confidentiality provisions.
Background and Experience (20), Financial Services (40), Equity, Diversity, and Inclusion (10), Corporate Responsibility – Environmental, Social, and Governance Practices (5), Illinois Presence (10), Cost Proposals (15), Interview, if applicable (5)
SUMMARY
The Illinois State Treasurer is seeking proposals for specialized banking services for the cash processing of tax payments collected by the Illinois Department of Revenue (IDOR) for recreational adult use cannabis and medical cannabis.
The scope includes maintaining Treasurer Accounts, processing cash payments from cultivators and dispensaries at branch locations, handling wire transfers and ACH transactions, managing end-of-day balances and sweep options, pledging securities as collateral, providing earnings credits, and executing ACH debit block/filter and positive pay services. Proposals are due by 1:00 p.m. CT on June 4, 2025, with an initial contract term of four years and potential extensions up to ten years total. The successful contractor must interface with the Treasurer’s Treasury Management System and comply with strict security and confidentiality provisions.
EVALUATION CRITERIA
REQUIRED ATTACHMENTS
Illinois State Treasurer Certifications, Disclosures Financial Interest and Potential Conflicts of Interest (Disclosure Form A), Disclosures Other Contract and Procurement Related Information (Disclosure Form B), Cost Proposal, Appendix G
- Submit to
- [email protected] or 1 East Old State Capitol Plaza, Springfield, IL 62701
- Duration
- 120 months
- Scope location
- Springfield, IL
- Reported agency
- Illinois State Treasurer's Office
Questions about this RFP
How do I respond to this RFP from IL-State-Office of the Illinois State Treasurer?
Review the full solicitation document for submission requirements, evaluation criteria, and deadlines. The submission deadline is June 4, 2025. Be sure to include all required attachments as outlined in the solicitation. Submissions should be delivered to: [email protected] or 1 East Old State Capitol Plaza, Springfield, IL 62701. For questions, contact Christopher Flynn.
Can small businesses or minority-owned firms bid on this RFP?
Most government agencies, including IL-State-Office of the Illinois State Treasurer in IL, encourage participation from small businesses, minority-owned, women-owned, and disadvantaged business enterprises (MBE/WBE/DBE). Check the full solicitation for any small business participation goals.
What happens after the RFP submission deadline?
After the deadline, the issuing agency reviews all submissions against the stated evaluation criteria. This typically includes a compliance check, technical evaluation, cost analysis, and may involve oral presentations with shortlisted vendors.
Can I ask questions about this solicitation before submitting?
Yes, most solicitations allow vendors to submit questions during a designated period. The primary contact is Christopher Flynn at (217) 782-6557. Questions and answers are typically shared with all prospective bidders.
Can I search RFPs like this in ChatGPT or Claude?
Yes. Civic IQ has an MCP server that connects ChatGPT, Claude and other AI assistants to live Civic IQ data: open RFPs, pre-RFP signals from public meetings, awarded contracts and agency decision-makers across 100,000+ US public agencies. Add https://beta.mcp.civiciq.com/mcp as a connector (in ChatGPT under Settings > Apps & Connectors, in Claude under Settings > Connectors) and sign in with a free Civic IQ account at civiciq.com/mcp.
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What are the evaluation criteria for this solicitation?
This solicitation includes specific evaluation criteria that will be used to score proposals. The criteria include: "Background and Experience (20), Financial Services (40), Equity, Diversity, and Inclusion (10), Corporate Responsibility – Environmental, Social, and Governance Practices (5), Illinois Presence (10),..." Vendors should carefully align their proposals with each criterion to maximize their score.
Where can I find more RFPs from IL-State-Office of the Illinois State Treasurer?
All active and historical solicitations from IL-State-Office of the Illinois State Treasurer are tracked and searchable. As a state agency, IL-State-Office of the Illinois State Treasurer regularly publishes solicitations. Visit the agency profile to see current open bids, past contracts, vendor relationships, and decision-maker contacts.
What is the contract term for this solicitation?
The anticipated contract term is 4 years. Contract terms may include renewal options.
What documents are required to bid on this RFP?
Requirements vary by solicitation, but common documents include a technical proposal, cost/price proposal, proof of insurance, relevant certifications, past performance references, and any forms specified in the solicitation. This solicitation specifically requires the following attachments: Illinois State Treasurer Certifications, Disclosures Financial Interest and Potential Conflicts of Interest (Disclosure Form A), Disclosures Other Contract and Procurement Related Information (Disclos. Review the full document from IL-State-Office of the Illinois State Treasurer for the complete list.
What is the scope of this project?
This solicitation defines a specific project scope. The scope covers the following locations: Springfield, IL. Review the full solicitation for detailed scope requirements.