Treasurer Diossa Seeks Bids for State’s Short-Term Cash Management

Published on Thursday, May 08, 2025

Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced a Request for Proposals (RFP) for comprehensive banking and cash management services for the State of Rhode Island aimed at ensuring that the State’s short-term cash operations are managed efficiently and with the most up to date technology.

“It is important to ensure that our short-term cash is managed in the safest and most efficient manner for Rhode Islanders,” said Treasurer Diossa. “This RFP provides the State the opportunity to recalibrate and ensures we are working with banks using the best technology available.”

The State Investment Commission, chaired by Treasurer Diossa, recently approved an updated Investment Policy Statement for the management of the State’s Short-Term Investments. These investments, which cover the State’s operational disbursements, include both cash deposit accounts held at financial institutions and short-term fixed income securities. 

The evaluation and selection process will be conducted in partnership with outside consultant PFM Advisors and is expected to be completed by October 2025. As part of the engagement process, Treasurer Diossa hosted a breakfast meeting yesterday at Bryant University with representatives from local banks and credit unions to discuss the opportunities for collaboration and partnership.

The State consists of 33 agencies and various departments, offices, and bureaus. It currently manages 267 bank accounts across 17 financial institutions, with total assets related to the RFP exceeding $3 billion. The solicitation also includes a Request for Information for merchant card processing for the State. The full RFP and submission guidelines are available at https://treasury.ri.gov/open-government/requests-proposals-rfps.

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