When is the submission deadline?

Submissions are due October 27, 2026. Questions must be submitted by October 13, 2026.

What is the budget for this RFP?

Settle estimates the budget at $500,000 – $1,500,000. The issuer has not published an official figure.

It was issued by New Jersey Higher Education Student Assistance Authority. The work is located in Trenton, New Jersey, United States.

Who is a good fit for this opportunity?

Commercial banking institution with depository services expertise. Proven experience processing ACH transactions and recurring debit files. Electronic and wholesale lockbox processing capabilities. Secure online banking and payment processing infrastructure. Experience serving government entities or public-sector loan programs.

Depository Banking Services (Due October 27, 2026)

A government authority is seeking a banking institution to provide depository, ACH processing, electronic lockbox, and wholesale lockbox services for its loan program.

Must be a State or nationally chartered bank with a branch presence in the State of New Jersey
Must be a member of an automated clearinghouse (ACH) association and in compliance with NACHA rules
Must be a member of the Federal Reserve direct wire system
Must be able to provide electronic lockbox (e-box) paperless processing
Must be able to provide daily wholesale lockbox processing with associated data entry
Must be able to provide batch processing of ACH debits
Must provide a Web Based Inquiry/Communication System with a minimum capacity of ten concurrent users
Must provide a summarized Disaster Recovery Plan
Must adhere to the State of New Jersey Department of Treasury Collateralization Policy
Must be registered with NJSTART
Must submit a valid New Jersey Business Registration
Must submit political contribution disclosure forms (Chapter 51 and Chapter 271)
Must certify no prohibited investment activities in Iran, Russia, or Belarus
Must provide audited financial statements

$500,000 – $1,500,000

Date Issued: October 5th, 2026

Question Cut-off Date: October 13th, 2026

Proposals Due: October 27th, 2026

Anticipated Contract Commencement: January 2nd, 2027

Primary procurement contact — name, title, email, and phone

Additional decision-makers and their departments

A government authority in Trenton, New Jersey, seeks a banking provider to deliver depository banking services supporting its loan program.

Required services include electronic banking capabilities, batch processing of daily one-day ACH debit files generated through a web-based online payment application, and batch processing of two weekly two-day ACH debit files generated through a recurring debit process. The engagement also includes electronic lockbox processing for customer-initiated online banking payments and daily wholesale lockbox processing with associated data entry and daily deposit of received funds.

Questions must be submitted by October 13, 2026. Proposals are due by October 27, 2026.

Depository Banking Services

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