University of MN - Prepaid Debit Card, Gift Card, and Individual Payment Program RFI
Title:  

University of MN - Prepaid Debit Card, Gift Card, and Individual Payment Program RFI

Agency:  

University of Minnesota

State:  

Minnesota

NAICS Code:  

522320

Industry:  

Financial Services

Solicitation Type:  

Request for Information

Solicitation ID:  

10003

Open Date:  

3/30/2026

Questions Due Date:  

4/10/2026

Close Date:  

4/30/2026

Last Updated:  

Description:
The University of Minnesota is seeking information about potential products and solutions for making payments to individuals, including prepaid debit cards and gift cards. The university is looking to understand the features and capabilities of various solutions to potentially expand its existing prepaid debit card program. The request for information covers four topics: payments to individuals, payments to clinical trial participants, prepaid debit cards, and medium to low-dollar gift cards. Respondents are only required to submit information related to the topics that pertain to their products or solutions. • The university is seeking information about payment solutions that can replace checks and reduce the use of cash advances. • The university is interested in learning about products and features that can be used to make payments to individuals, such as 1099-based independent contractors and honorariums. • The university is looking for solutions that can provide gifts to individuals, such as one-time payments and financial aid. • The university is seeking information about prepaid debit cards and gift cards with a minimum value of $5.
Attached Files:

Please visit the bid source via the “Link to Bid Source” button below for documentation.

Contact Information:

John Skudlarek

[email protected]

Budget Estimate (AI):

$500,000 – $5,000,000

The budget for this opportunity is difficult to estimate, as the document does not provide a specific dollar amount for the contract. However, based on the scope of the project, which involves expanding the university's prepaid debit card program and potentially replacing checks and reducing cash advances, the budget could be substantial. The university may be looking to spend hundreds of thousands or even millions of dollars on a comprehensive payment solution. A possible estimate for the budget could be between $500,000 and $5,000,000, depending on the specific requirements and solutions proposed by respondents. Factors that may influence the likely payment range include the complexity of the payment solution, the number of users, and the duration of the contract.

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