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.

Contents

• Careers in financial technology at promontory interfinancial network
• Promontory interfinancial network corporate overview
• References

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 Deposit® service, or IND®.

Promontory also publishes a quarterly business outlook survey of banks. 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.

The company was founded by a number of former federal banking regulators and BNY Mellon provides issuance, custody, settlement, and recordkeeping services for Promontory. 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.