BANKING AND RELATED SERVICES

The South Carolina Education Lottery (SCEL) is soliciting proposals for comprehensive banking and treasury-related services from qualified, FDIC-insured financial institutions authorized to operate in South Carolina. The selected contractor will be responsible for administering seven separate bank accounts, providing general demand deposit services, managing Zero Balance Accounts (ZBA), and acting as both an originating and receiving depository financial institution for ACH entries. Key requirements include the ability to centralize funds for overnight interest earning indexed to the Average Federal Funds Rate and the establishment of collateral to secure deposits exceeding FDIC insurance limits in compliance with state law. To ensure operational control and public trust, the winning institution must maintain a physical presence in Columbia and a branch network throughout the state. The contract is structured for an initial three-year term with four optional one-year renewals, allowing for a maximum duration of seven years, with an estimated start date of December 14, 2026. Evaluation will be based on a price-blind process where technical proposals are scored before pricing is considered, and the award will be granted to a single offeror. Applicants must submit a technical proposal, a business proposal, and a redacted copy via USB drive by September 30, 2026. Furthermore, offerors must demonstrate strict adherence to security and confidentiality standards, including compliance with the Gramm-Leach-Bliley Act, the USA Patriot Act, and the Sarbanes-Oxley Act, and must provide a completed Service Provider Security Assessment Questionnaire.