RFP - FPS - Banking Services

The City of Minneapolis is seeking proposals from qualified financial institutions to provide a full suite of municipal banking services, including general depository banking, lockbox processing, and prepaid‑card issuance for payroll and other city programs. The contract will be an initial three‑year term (with two optional one‑year extensions) beginning April 1 2027, and will require integration with the City’s PeopleSoft system now and future Workday ERP. Vendors must demonstrate capabilities in transaction processing, API/EDI integration, security, compliance with federal and Minnesota regulations, and the ability to handle significant daily balances and lockbox volumes. The award is expected in late November 2026, with a submission deadline of October 29 2026. • Provide depository banking services (multiple accounts, sweep, controlled‑disbursement, treasury‑management). • Operate seven municipal lockboxes, processing up to ~125 k payments annually, with imaging, OCR, and data transmission. • Manage prepaid‑card programs for payroll, seasonal employees, and refunds, integrating with PeopleSoft and Workday. • Deliver robust technical integration (API, FTP, ISO 20022, FedNow), reporting, and disaster‑recovery capabilities. • Meet extensive compliance, insurance, and living‑wage requirements, and support the City’s open‑data and AI‑use policies.