Specifications include, but are not limited to: The awarded financial institution shall provide the following commercial banking services: 1. Cybersecurity • With state-of-the-art processes, procedures, and systems, bank shall protect RTA funds and data from internal and external data breaches and cybersecurity attacks. • Bank shall regularly maintain and test backup, emergency, and disaster recovery systems that will provide the RTA with limited and minimum treasury services in the event of an emergency. 2. Customer Service • Designated primary and secondary account managers within the RTA's six-county service area. • Common customer support contact for non-critical RTA needs. • All supporting personnel to be based in the United States. 3. Collateralization of Balances • RTA funds to be collateralized at a minimum of 102% of aggregate deposits at all times in line with RTA's Investment Policy. Collateral substitution, withdrawal, or deposit with RTA's advance approval. • Third-party institution to hold collateral; the bank's trust department excluded. • Monthly independent third-party market value reports available online to the RTA and archived for 24 months. • Pledged securities not to be further pledged elsewhere. 4. Depository Accounts • Up to seven initial depository accounts, including those outlined below. • Flexibility to open/close accounts as necessary. • Support varying levels of banking activity, including deposits, wire and Automated Clearing House (ACH) transactions, checks, remote deposit capture (RDC) deposits, and transfers between accounts. • ACH blocks/filters in place unless authorized by the RTA. • Clear images of processed checks viewable, searchable, and downloadable from bank website. • Electronic reconciliation of bank statements using enterprise resource planning (ERP) system. 5. Depository Account, General Fund • Receive and disburse more than $2 billion of transit funding annually. • Combined ACH payments will exceed $100 million on some days. 6. Depository Account, Zero Balance Account (ZBA) Accounts Payable • Bank’s systems must be compatible with checks printed by RTA’s ERP system on preprinted controlled blank check stock. • Monthly, the RTA clears about 31 checks totaling $300 thousand and 101 ACHs totaling $35 million. • Positive pay with full monthly account reconciliation performed electronically. • Ability for the RTA to download cleared checks, outstanding checks, voided checks, and stop payment checks from bank website to the ERP system. • Ability for the RTA to upload positive pay information from ERP system to bank. 7. Depository Account, ZBA Payroll • Bi-weekly payroll disbursements for 100 employees and monthly disbursements for the 16 members of the RTA’s Board of Directors. • When the RTA transmits payroll, ADP sends the bank an ACH file of direct deposits. • ADP performs a reverse wire for payment of payroll taxes...
