Promontory Interfinancial Network

Promontory Interfinancial Network, LLC, is a privately held firm with a network of financial institutions that has approximately one-third of all U.S. commercial banks and thrifts as members. The company is located in Arlington, Virginia.[1]

Promontory Interfinancial Network
Privately held company
Industryfinancial services
HeadquartersArlington, Virginia
Key people
Mark Jacobsen (President & CEO)

Promontory offers FDIC-insured deposit placement services, including the Certificate of Deposit Account Registry Service, or CDARS; Insured Cash Sweep service, or ICS; and the Insured Network Deposits service, or IND.[2]

Promontory also publishes a quarterly business outlook survey of banks.[3] Promontory’s services help bank depositors to access FDIC insurance above the $250,000 limit through a single bank relationship. As Reuters has noted, Promontory’s services “rose in popularity during the 2008 financial crisis. Money is spread around in chunks across a network of ‘well-capitalized’ banks, with maturities of four weeks to five years.” In some cases, however, the yields are lower than those on CDs and money market accounts.[4]

The company was founded by a number of former federal banking regulators and BNY Mellon provides issuance, custody, settlement, and recordkeeping services for Promontory.[5][6][7] The president and CEO of the company is Mark Jacobsen, a former chief of staff of the Federal Deposit Insurance Corporation (FDIC) and inventor of 13 patents related to Promontory’s FDIC-insured deposit placement services.[8]

Promontory was included in the Washington Post's list of Top Workplaces 2018.[9]

References
  1. "Not Found". www.icba.org. Retrieved 22 February 2019.
  2. Business2 “Company Overview of Promontory Interfinancial Network, LLC” Bloomberg
  3. "Promontory Interfinancial Network - Bank Survey Reports". www.promnetwork.com. Retrieved 22 February 2019.
  4. 4 Lauren Young, “Advisers steer clients to safer havens in stormy market,” Reuters, August 4, 2011
  5. "Alan Blinder - Princeton University". www.princeton.edu. Retrieved 22 February 2019.
  6. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 22 February 2019.
  7. http://www.aba.com/Products/Endorsed/Pages/IND.aspx
  8. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 22 February 2019.
  9. https://www.washingtonpost.com/graphics/2018/business/top-workplaces/
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.