The City of Worcester awarded a three‑year banking‑services contract to M & T Bank to handle all treasury and collector functions, including deposit processing, payroll and retirement accounts, lockbox operations, escrow reporting, and related cash‑management services. The scope covers multiple account classes, daily electronic file transmissions, positive‑pay reconciliation, and extensive lockbox imaging and OCR processing. The contract is firm‑fixed‑price, awarded through full and open competition, with an optional two‑year renewal at the City’s discretion.
• Services include depository, payroll, retirement, escrow, and automated lock‑box (OCR) processing.
• Mandatory requirements: BAI2/EDI compatibility, daily reporting, positive‑pay, performance‑bond, insurance, and Massachusetts‑based banking institution status.
• Volume estimates for 2022 show ~340 k ACH transactions, ~71 k cash deposits, ~61 k checks paid, and ~168 k lockbox items processed, indicating a high‑volume, technology‑intensive engagement.