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RFP Best Practices: “Speaking the Same Language”April 2019Pat t y FougeratVice PresidentGovernment and Inst it ut ional Banking Relat ionship Manager
Kim Maxey, CTPSenior Vice PresidentGovernment and Inst it ut ional Banking/ Treasury Management Consultant
© 2019 Wells Fargo Bank, N.A. All right s reserved. Confident ial.
Today’s agenda
• Int roduct ions• RFP Guidelines
• Product Lingo
• Product Descript ions• Quest ions
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Identifying Your Objectives and Needs
• Where t o Begin:– Start wit h what you have t oday– Evaluate your current sit uat ion– Out line your object ives– Set goals
• Helpful Tools:– Current report s– Analysis statements– Account Flowchart
First Steps
Closely evaluate your needs and object ives
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Developing an RFP
• Ident ify minimum qualif icat ions:– Locat ion(s) in your area– Collateralizat ion of your deposit s– Asset Size
• Provide clear and concise inst ruct ions
• Develop an “easy” format
• Eliminate repet it ive informat ion request s t hroughout t he RFP
• Provide services requested and volume est imates
• Out line t he account st ructure
• Ident ify evaluat ion factors clearly and provide crit eria weight if applicable
• Make an elect ronic copy of t he RFP available in MS Word / Excel (pricing pages – do not “protect ” cells as it prevents ent it ies t o define t heir t erminology or pricing)
Must Haves
Essent ial elements t o ensure t he select ion of an opt imal banking
partner
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Developing an RFPSet Clear Expectations
Establish a schedule of events and t imeline for t he RFP TI
MEL
INE
Month Two
Month Three
Month One
Develop RFP RFP release dat e
Pre-proposal conference (opt ional) Deadline for addit ional quest ions Issue answers for writ t en quest ions RFP Due Dat e
Select ion of finalist s (opt ional) Oral present at ions (opt ional) Award business Negot iat e cont ract
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• An oral present at ion provides t he opport unit y t o discuss t he services offered and t o demonst rat e elect ronic solut ions
• For an effect ive evaluat ion, you should:– Select only finalist s for oral present at ions– Set a t ime limit for each finalist ’s present at ion– Ask hard quest ions
Banks Welcome the Opportunity to Present Solutions in Person
Oral presentat ions provide a bet t er understanding of t he solut ions offered and bet t er equip you t o make t he right
choice
RFP Evaluation
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• Reaffirm your decision wit h posit ive answers t o t hese quest ions:
– Can t his bank meet all of our current and fut ure needs?
– Does t his bank offer t he best value for t he product s and services provided?
– Does t his bank have t he resources t o provide innovat ive solut ions?
– Will t his bank provide t he best cust omer service t o support our needs?
• Not ify all respondent s of t he RFP out come
– Provide evaluat ion result s including pricing, int erest rat e, and any ot her fact ors t hat influenced your decision
The Optimal Banking Partner Will Deliver the Right Solutions
Select a bank based on value, capabilit ies and commitment t o
customer service
RFP Evaluation
Payables
What are t he dif ferent t ypes of disbursements?
ACHChecks Wires
• Domestic• International• Repetitive/ Freeform• Non-Repetitive/
Templated
Traditional checks Controlled Disbursement
Checks Multiple Signatures
Required
Direct deposit Direct payments Vendor payments State and federal tax
payments Cash concentration and
disbursement Check conversion and
truncation services
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Settlement Time:Could be days before the check clears the bank depending on the mail float, deposit float, and clearing float.
Settlement Time:Same-Day (ACH Credits Only with $25,000 transaction limit)
One-Day
Two-Day
Settlement Time:Same-Day (if prior to Bank’s wire deadline)
Next –Day
Governing Agency: Uniform Commercial Code
Governing Agency: National Automated Clearing House Association
Governing Agency: Federal Reserve Bank
Know your funding totals early with early daily not if icat ion of t he dollar amount of checks t hat will clear against your account t hrough our Van Wert , Ohio endpoint
Wit h our Perfect Presentment®service, we compare your checks t o your issued check file and t o our st op payment dat abase prior t o post ing t o your account
Controlled Disbursement
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Account Reconciliation Plan (ARP)Two opt ions
Full ARP
Part ial ARP
You provide Wells Fargo wit h issued check informat ion
Wells Fargo reconciles your paid checks t o your issued checks and sends a det ailed st at ement
You can request a variet y of opt ional report s, including paid checks, out st anding checks, st op payment s and several ot hers in various out put format s
Wells Fargo provides an ARP st at ement
You can request a variet y of opt ional report s including paid checks, st op payment s, and several ot hers in various out put format s
Cust omers use t he st at ement or opt ional report s t o reconcile t heir st at ement and ident ify any except ions
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ACH servicesProcessing opt ions
• Delete and reverse domest ic t ransact ion wit h a simple online form
• Automated return it em redeposit– Redeposit debit s returned for insuff icient or uncollected funds up t o two addit ional
t imes– Days 1-9, Thursday, Friday, 15th of t he month, end of t he month
• Mult iple originat ion channels– Direct t ransmission of NACHA-format ted f ile– One f ile for check, card, domest ic and internat ional ACH, and domest ic and internat ional
wires t hrough our Payment Manager® service– ACH Payment s t hrough Commercial Electronic Off ice® (CEO®) port al
• Set t lement opt ions– Net , gross, gross bat ch, single it em
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Online wire transfer payments
Create wire templates for recurring wire transfers
Set up dual control to require one or more approvers
Set dollar limits on transactions at the user level to help reduce the risk of fraud
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Receivables
Remote Deposit serviceDeposit checks from anywhere, at any t ime
How it works
Mult iple locat ions
Single bank convenience
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View images online for easy access and research
Wholesale lockbox solutions
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Leverage t he closest lockbox locat ion t o reduce mail float
Reduce days’ sales out st anding and speed funds availabilit y by minimizing mail float
Receive direct t ransmissions of your remit t ance det ail in cust om format
Send a daily out st anding account reconciliat ion (AR) file t o reduce except ions and provide real- t ime decisioning
Electronic lockboxOverview
Concent rate online banking payments and maximize st raight-t hrough-elect ronic processing
St andard validat ions
• Account masking validat ion
• Cross reference dat abase processing
Opt ional validat ions
• Check digit validat ion
• Dollar amount edit s
• Validat ion files: posit ive, st op, and cross-reference
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Electronic lockboxE-Box® with Receivables Manager services
Fraud protection services
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ACH Fraud FilterProtecting your accounts from fraud
Prot ect Stop all ACH t ransact ions presented against your account Preauthorize designated t ransact ions
Review Make pay or return decisions Update fraud f ilt er crit eria online
Monit or View unauthorized t ransact ions Receive not ice when an unauthorized ACH t ransact ion is
detected by fax, email, or t ext message
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Image Positive PayProtect your accounts from lost, stolen, and counterfeit checks
Benef it s
Addit ional opt ions
Payee Validat ion
Teller Posit ive Pay
Reducesaccount
reconciliat ion t ime
Providesimages for more informed pay/no
pay decision
Prot ect sagainst fraud
Cat chesMICR encoding
errors
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Positive Pay OnlyProtect your accounts from lost, stolen, and counterfeit checks
Benef it s
Additional options
Reducesaccount
reconciliat ion t ime
Providesimages for more informed pay/no
pay decision
Prot ect sagainst fraud
Cat chesMICR encoding
errors
Payee Validat ion
Teller Posit ive Pay
Opt ional report s for reconciliat ion
By placing cont rols and limit s on checks, you will benef it f rom:
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Payment Authorization serviceIncrease fraud protection for your disbursement accounts
Added securit y – Prevent unaut horized t ransact ions by:
Placing dollar limit s on checks being present ed t o t he bank
Disallowing checks payable t o individuals
Limit ing t he dollar amount of checks post ed t o your deposit ory-only or elect ronic-only account
Limit ing t he dollar amount of checks cashed and ot her over-t he-count er wit hdrawals
Convenience – No need t o send a daily issue file t o t he bank
Reporting and reconciliation
CEO®Treasury Information ReportingOverview
Access comprehensive account balance, summary, and detailed transaction data online
Access domest ic and int ernat ional t reasury act ivit y when you’re in t he office, on t he road, or anyt ime, anywhere t hat you need crit ical business informat ion
Over 20 st andard report s for Previous Day and Int raday act ivit y, ACH t ransact ions, and account st at ement s are provided
Choose from st andard report set ups, or cust omize your own t emplat es
Det ermine which crit ical account informat ion appears on your cust omized CEOport al log-in page
Most report s are available in a variet y of format s, including HTML, Adobe Acrobat PDF, Microsoft Excel or CSV, and BAI v2
Use t he Aut oLink service t o schedule report s for aut omat ic ret rieval and delivery direct ly t o your workst at ion or print er
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CEO®Treasury Information Reporting Features
Accurate information, delivered when and how you need it
One global view of all of your Wells Fargo and non-Wells Fargo bank accounts, both domestic and international
Automated, customizable information about business activities online through the CEO portal
Single sign-on and just one password - from your desktop or your mobile device
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Information reporting options
Global view of cash posit ion
CEO®Treasury Informat ion Report ing
Previous day and int raday BAI V2, CSV, Excel, HTML, and
PDF formats Automate downloading
report s with t he Aut olinkservice
SWIFT
MT940, MT941, MT942, and MT 950 messages
CEO®St at ement s & Not ices
Direct BAI f ile t ransfer
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St at ement s, not ices, and legal disclosures online
PDF format
Previous and int raday
BAI V2 format
Questions?
Thank you