Banking RFP  & Transition Process
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Banking RFP & Transition Process

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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Banking RFP & Transition Process




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Presentation on theme: "Banking RFP & Transition Process"— Presentation transcript:

Slide1

Banking RFP & Transition Process NCLGIA Summer 2016 Conference

1

www.wakegov.com

Slide2

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

outcomes?

www.wakegov.com

Slide3

County competition policy;Increasing banking costs; andBudget cuts from recession.

Why did we need to do RFP?

3

www.wakegov.com

Slide4

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

Wake

in RFP process.

RFP issued in January 2012 with March 8 responses for June 2013 go live date.

www.wakegov.com

Slide5

5Services Covered in Banking RFPCore Banking Services - including investment safekeeping and integrated payables disbursements;

Lockbox and E-box

Services; and

Procurement Card

Services.

Banks could choose to

bid on one or more requested services.

www.wakegov.com

Slide6

6Attachments included with RFPExcel - Cost Proposal (Form presentedseparately on website.)

Excel – Jurisdiction Locations (Form presented separately

on website

.)

Current

Service

Providers for Each Service

Current Data

Transmission File

Formats

Wake

County Deposit Ticket - Example

www.wakegov.com

Slide7

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.

Costs

of

services

.

References with entities of similar complexity.Evaluation team composed of Wake and WCPSS Finance and Info

Services staff.

www.wakegov.com

Slide8

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.

Procurement card

– Cost (rebate) was primary driving award factor after technology needs met. Awarded to incumbent.

www.wakegov.com

Slide9

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

from former

online banking system

and inactive

users.

Check setup, design and writing, positive pay, and bank reconciliation processes.

Deposit processes with departmental reporting and

training.

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.

www.wakegov.com

Slide10

10Core Banking - ContinuedDual banking fees over the two year timeframe to allow for cleared checks and final escheats process.

LOTS of work!!

Don’t

underestimate

the cost and staff time involved to change core banking.

www.wakegov.com

Slide11

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

– Make

sure contracted prices are being charged correctly.

www.wakegov.com

Slide12

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.

www.wakegov.com

Slide13

Current bank provides robust technical tools we needed. Total bank operating costs lower after implementation.No changes to safekeeping account. 2017 RFP planned.

Outcomes

13

www.wakegov.com

Slide14

14Questions?www.wakegov.com