State Treasurer
State of Washington
Office of the Treasurer
For immediate release: February 29, 2000
For more information: Barton
Potter (360) 902-9033
State Treasurer Signs bank card Contract With Bank of America
OLYMPIA—Washington State Treasurer Mike Murphy signed a contract with Bank of America to provide merchant bank card services at a ceremony Feb. 29 in the Office of the State Treasurer, 240 Legislative Building, Olympia.“We look forward to working with B of A to develop E-commerce applications as we move into the new millennium,” Murphy said. “These are exciting times for finance and technology, but we need to make sure every new step we take makes good business sense. This contract with Bank of America meets the test.”
The contract covers debit and credit card processing, reporting and settlement for state agencies and educational institutions. The four-year contract (through March 31, 2004) includes an option for two one-year extensions. Fourteen state agencies that currently accept debit and credit cards will come under the new contract.
Pricing for the contract encompasses economies of scale, Murphy said; as transaction volumes increase, the processor fee will be reduced.
Face-to-face transactions will use Alliance Data Systems as the processor with settlement through Bank of America. Web-based transactions will use a third party internet processor with settlement through Bank of America.
###
FAX (360) 902-9044 • Home Page http://tre.wa.gov/