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Treasury recommends renewing banking services contracts with Citizens and JPMorgan after competitive RFP
Summary
City Treasury told the Ways and Means Committee that Citizens and JPMorgan Chase were the top scorers in a competitive RFP for banking services and recommended contracts to cover checking, lockbox, ACH, payroll and fraud‑prevention services; the administration said both are incumbents and that selection followed technical and price evaluations.
City Treasury officials told the Boston City Council Committee on Ways and Means on April 7 that they recommend renewing two banking services contracts with Citizens and JPMorgan Chase after a competitive request for proposals that produced seven responses.
“Citizens and JPMorgan are both our incumbent banking providers,” Chief Financial Officer Ashley Grafenberger said. First Assistant Collector‑Treasurer Jerica Bradley said, “This is a an RFP that we put out every 3 years for banking services.” The contracts cover operational services such as checking and savings accounts, investment accounts, ACH and direct deposit, lockbox and bill‑payment processing, and fraud‑prevention tools.
Bradley said Treasury reviewed seven proposals and that Citizens and JPMorgan “came in, with the best technical and price.” Officials emphasized that the banking services contracts address high‑volume operational work — the city estimates roughly $50 million to $100 million in outgoing vendor payments per week — and that the contracts do not prevent the city from maintaining relationships with smaller local banks for deposits or community reinvestment purposes.
Councilors asked whether the procurement considered community investment or environmental, social and governance factors. Grafenberger and Bradley said community‑reinvestment information is included in proposals but that the banking services contracts are structured around core operational requirements; the city continues to hold other relationships with smaller banks for targeted investments.
The administration described standard procurement safeguards including a competitive RFP process and vendor evaluation on technical ability and price. Officials said they will provide the committee with results once contracts are finalized and would report back on contract amounts, term and any measurable community‑investment commitments.
Ending: The hearing recorded committee questions and administration responses; no formal committee vote on the dockets was recorded at the hearing.
