Comprehensive Banking and Treasury Management Services

Project Overview Southwest Minnesota State University (SMSU) is seeking proposals from qualified financial institutions to provide comprehensive banking and treasury management services. Respondents must be able to provides services from a physical location in Marshall Minnesota. Our objective is to establish a strategic partnership with a provider that offers institutional-grade financial tools, exceptional service, and a commitment to supporting the university's mission. The scope includes, but is not limited to, the following service areas: Core Banking & Account Management Management of all primary operating, clearing, and auxiliary accounts Daily balance reporting and same-day availability of funds where applicable Interest-bearing accounts and competitive investment yield options, consistent with Minnesota Statute § 9.031 (DEPOSITORIES FOR STATE FUNDS). Account structure optimization to support fund accounting and reconciliation Treasury Management Services ACH origination (credits and debits), including payroll, vendor payments, and collections Domestic and international wire transfer services Merchant services to support in-person, online, and mobile payment acceptance Lockbox services (optional, if available) Fraud Prevention & Risk Management Check Positive Pay with payee name verification ACH Positive Pay / ACH debit filtering and blocking Wire transfer controls, including dual approval workflows Real-time alerts for suspicious activity Support for evolving fraud mitigation best practices Technology Integration & Automation Integration with SMSU’s existing ERP and financial systems (e.g., Workday, Banner) Automated file exchange via BAI2, CSV, SFTP, or secure APIs Support for automated reconciliation and reduced manual intervention Ability to adapt to future system changes or ERP upgrades ATM & Campus Services (Optional) Provision and management of on-campus ATM services, including: Installation and maintenance Cash replenishment Branding options Revenue-sharing or fee-free access models (if available). Technical/Functional Requirements Respondents must clearly demonstrate their ability to meet or exceed the following requirements. Treasury Management Platform The institution must provide a secure, web-based treasury management portal with: Real-time account balances and transaction reporting Customizable dashboards and reporting tools Multi-factor authentication (MFA) Granular, role-based access controls Dual-approval workflows for high-risk transactions User audit trails and activity logs Payments & Transfers ACH origination for payroll, vendor payments, and collections Domestic and international wire transfers with configurable controls Same-day ACH capabilities (where available) Cut-off times suitable for higher-education operational needs Reporting & Reconciliation Daily transaction reporting available online Electronic statements and account analysis delivered within five (5) business days of month-end Minimum of three (3) years of online transaction and statement history Standard and custom reporting formats compatible with SMSU systems Automated data exports via BAI2, APIs, or secure file delivery Regulatory Compliance The institution must document compliance with: Gramm-Leach-Bliley Act (GLBA) FFIEC guidelines and supervisory standards Applicable state and federal banking regulations Data Security Encryption of data at rest and in transit using industry-standard protocols Secure user authentication and authorization mechanisms Ongoing vulnerability management and penetration testing Clear incident response and breach notification procedures Business Continuity & Disaster Recovery Documented disaster recovery (DR) and business continuity plans Redundant systems and data centers Defined recovery time objectives (RTO) and recovery point objectives (RPO) Regular testing of DR and continuity plans Service & Support Requirements Dedicated relationship manager and treasury management support team Clearly defined service level agreements (SLAs) Ongoing training for university staff (initial and refresher) Support availability during extended business hours Clear escalation paths for critical issues Vendor Response Expectations (Optional but Recommended) To support evaluation, respondents should: Clearly indicate compliance, partial compliance, or non-compliance with each requirement Identify any third-party providers involved Disclose implementation timelines and conversion support Provide references from similar higher-education or public-sector clients Selection Process The selection process includes Vice President for Finance & Administration, Chief Information Officer, Director of Business Services, Director of Academic and Administrative Computer Services, and Buyer. This group will evaluate the proposals and make the final decision. Evaluation Factors The evaluation process will consider factors such as the institution's understanding of the university's needs, the quality and comprehensiveness of the proposal, and the cost/value offered to SMSU. The following factors and their identified weight will be used to evaluate the responses: Topic Factor Weight Adherence to Minnesota State Terms and Conditions. A statement of the objectives, goals, and tasks to show or demonstrate its view and understanding of the nature of the contract. This includes the explicit identification of any exceptions to the terms and conditions and the disclosure of potential conflicts of interest. 3 Services Plan. A description of the deliverables to be provided by a detailed services plan that identifies the phase-by-phase implementation narrative, identifying personnel roles for respondent and Minnesota State. The plan must detail the strategy for data migration, testing, and the secure transition of account signature authority. 15 Qualifications of Respondent and its personnel. An outline of the Responder’s background and experience with examples of similar work complete by the Responder and a list of personnel who will conduct the project, detailing their training, and work experience. Resumes or other information about project personnel should not, if possible, contain personal telephone numbers, home addresses or home email addresses. If it is necessary to include personal contact information, please clearly indicate in the proposal that personal contact information is being provided. 15 Technical and Fraud Mitigation Detail the technical integration capabilities with University ERP systems Workday. This includes the quality of the web-based treasury portal, automated "Positive Pay" services, and the robustness of the fraud prevention ecosystem. 20 Operational Scalability and Security Compliance A description of the Respondent’s capacity to handle high-volume cycles, such as financial aid disbursements, and payroll. Confirm the adherence to security standards including Gramm-Leach-Billy Act, Federal Financial Institutions Examination Council, and Minnesota Statute 118A.03 regarding collateralization. 15 Cost/Value. Provide a comprehensive five-year fee schedule including an all-inclusive annual fee with an itemized breakdown for all services and transactions of Minnesota State in the contract. Include "interchange plus" rates for merchant services, interest rate calculations for swept funds, and guaranteed transition costs. 20 Finalist Presentation and Interview Gain a deeper understanding of the strengths of each firm and team member. Clarify questions related to Supplier's response. 10 Completeness, thoroughness and detail of the response Completeness, thoroughness and detail of the response as reflected by the proposal's discussions and coverage of all elements of work listed above 2 Total: 100 Contract Terms Minnesota State desires to enter into a contract with the successful Respondent(s) effective March 1, 2026 or on the date the last authorized signature is obtained, whichever occurs later. The length of such contract(s) will be 120 MONTHS or 10 YEARS, with an option to renegotiate after the first five (5) years. If Minnesota State and Respondent are unable to negotiate and sign a contract by March 1, 2026, then Minnesota State reserves the right to seek an alternative Respondent(s). Minnesota State does not agree to reach a decision by any certain date although it is hoped the evaluation and selection will be completed by the contract terms date identified. Inquiries and Submission Instructions Minnesota State accepts all questions and bid submissions exclusively through Minnesota State's e-procurement system. Hard copy submissions, emails, or submissions through any other medium will not be considered. Each Respondent is solely responsible for the timely delivery of its questions and bids by the RFx date and time deadlines. Failure to meet the deadlines shall be grounds for rejection. Oral Presentations After evaluation of written proposals, Minnesota State will shortlist responders for oral presentations and demonstrations. Shortlisted responders will be notified in writing and provided with scheduling instructions. Demonstrations are intended to validate proposed solutions and allow clarification of responses. Responders should ensure that key personnel and subject matter experts are available for the presentation on week February 9, 2026. Minnesota State will make reasonable efforts to accommodate each responder’s scheduling preferences; however, Minnesota State reserves the right to assign dates and times at its discretion.