Providing efficient, accurate & timely banking services
The Mission of the Banking Division is to provide efficient, accurate, and timely banking services to State agencies, Universities and external customers by systematically gathering information to monitor deposits, expenditures and cash balances on hand to enable projection of short-term and long term investments while ensuring adequate protection of State Funds on Deposit. This mission is accomplished in conjunction with our banking partners.
- serves as the State's authority for the development, control, and maintenance of statewide policies and procedures for banking products and services for SC State Agencies, Colleges and Universities
- provides, establishes and implements banking solutions for South Carolina State agencies and Universities to ensure response to State Agency and taxpayer needs by providing and selecting banking solutions
- monitors the ability to eliminate, amend and initiate changes in bank accounts, services and products required by changes in market conditions or the procurement process
- explores new financial products and improved data delivery methods that will increase its capabilities to provide efficient cost-savings for receipt and disbursement transactions and banking services, reduce reconciling transactions, errors and ease of reporting including increasing remote banking capabilities and reducing paper check disbursements and receipts
- anticipates future banking needs of the state to maintain and contain costs while accommodating the complexity of banking transactions
- ensures adequate protection of State funds on deposit through monitoring of accounts and collateral balances. The Banking Division requires qualified financial institutions to pledge collateral to secure public deposits. Risk assessment reports are analyzed to determine data accuracy, the institution’s financial condition, and the percentage of collateral required. The pledged collateral is monitored and must comply with all State requirements and custodial agreements. Pledged securities are monitored to assure that acceptable, valid, and marketable instruments secure public funds at all times. Custodial banks are monitored to evaluate their strength and stability
- researches and works with banking institutions, and other professional organizations in implementing modern cash management products to implement best practices and accelerate receipts for more effective cash management- and thereby maximize funds available for investment.