Peoples Heritage Bank Chosen to Provide Banking
Services
By Dale McCormick,
State Treasurer
Peoples Heritage Bank was the successful bidder in the Office of the State
Treasurer’s recent search for a full service bank for State Banking Services. The
Request for Proposals was issued in the late fall of 1999. Peoples Heritage Bank was
chosen earlier this year – pending final approval by the State Contract Review
Committee.
This new banking contract offers the State more services at a lower cost. The
State’s banking services have not been out to bid in 15 years and have been provided
by Fleet and Key Bank. The State Treasurer’s Office is responsible for the entire
State’s banking services. It serves as a central depository and it reconciles all
State bank accounts. The new services will be implemented by June 30, 2000.
Not only does this new contract offer savings to the State, but it also offers more
services to replace paper-based banking that the State currently uses. This contract will
include the development of the new Treasury Automated Management Information (TAMI)
System, which will enable the State to electronically interface with consumers, banks, and
businesses. TAMI will allow the state to: eliminate duplicate data entry, promote accurate
accounting, drastically cut processing and reconciling time, and allow for a greater
volume of credit card transactions and Electronic Funds Transfers. The design for the
final phases of TAMI and the implementation plan are well underway. TAMI will be up and
running by July 1, 2001.
eFlow of Funds and Information Chart
Questions? Comments? Call Treasurer Dale
McCormick at 287-2771. |
