NCLGIA . Summer 2016 Conference. 1. www.wakegov.com. 2. Agenda for Presentation. Why was a Request for Proposal (RFP) necessary?. How did we develop our document?. We have a Winner! Now what?. What were our . ID: 749598 Download Presentation
NCLGIA . Summer 2016 Conference. 1. www.wakegov.com. 2. Agenda for Presentation. Why was a Request for Proposal (RFP) necessary?. How did we develop our document?. We have a Winner! Now what?. What were our .
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Presentation on theme: "Banking RFP & Transition Process"— Presentation transcript:
Banking RFP & Transition Process NCLGIA Summer 2016 Conference
2Agenda for PresentationWhy was a Request for Proposal (RFP) necessary?How did we develop our document?
We have a Winner! Now what?
What were our
County competition policy;Increasing banking costs; andBudget cuts from recession.
Why did we need to do RFP?
4RFP Document DevelopmentOur priorities: Technology, Services and THEN Price.
Capture all available automation for efficiency.
RFP for initial 5 year award, with two additional 5 year renewals if both parties agree. Possible 15 year contract.
WCPSS combined with
in RFP process.
RFP issued in January 2012 with March 8 responses for June 2013 go live date.
5Services Covered in Banking RFPCore Banking Services - including investment safekeeping and integrated payables disbursements;
Lockbox and E-box
Banks could choose to
bid on one or more requested services.
6Attachments included with RFPExcel - Cost Proposal (Form presentedseparately on website.)
7Bank Evaluation by PriorityFinancial stability of bank.Robust technical tools to help us work efficiently.
Ability to comply with requirements for services listed in RFP.
References with entities of similar complexity.Evaluation team composed of Wake and WCPSS Finance and Info
8Award Time! Three Different VendorsCore banking – Technical needs were a limitation for Wake. Strength of online banking system was critical for us. Lockbox and E-box
– Related solely to property tax collections. Cost was primary driving factor after technical needs and reporting ability verified.
– Cost (rebate) was primary driving award factor after technology needs met. Awarded to incumbent.
9Implementation Plan – Core BankingFirst, online banking system setup and configuration for County users and for EFT and ACH wire transfers templates.Then, implementing changes in three major phases over 18 months:
Clean up outdated wire/ACH templates
online banking system
Check setup, design and writing, positive pay, and bank reconciliation processes.
Deposit processes with departmental reporting and
EFT and Wire deposits, we used report from former bank to contact users with our updated banking information.
Identify all bank reports or downloads used to make sure there is comparable information in the new system.
10Core Banking - ContinuedDual banking fees over the two year timeframe to allow for cleared checks and final escheats process.
LOTS of work!!
the cost and staff time involved to change core banking.
11What Tripped Us UpControlled Disbursement Account Confusion – Identify clearly how you use current bank accounts and related reports needed. Deposit Tickets
– Had to reorder several times. Unique codes missing and MICR problems with reading unique #s. Reordered with new revised accounts. Monitor Analysis Statements
sure contracted prices are being charged correctly.
12Implementation Plan – Lockbox/EboxDifferent bank selected from core banking.
Benefit of using separate bank offset any costs of wiring funds periodically.
Implemented with timing of real property tax billing in July 2013.
Two lockbox accounts and dual fees.
Current bank provides robust technical tools we needed. Total bank operating costs lower after implementation.No changes to safekeeping account. 2017 RFP planned.