Promontory Interfinancial Network has formed a cooperative alliance with the Independent Community Bankers of America (ICBA) to help community banks better serve their most valued customers through the company's services, including CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; and Bank Assetpoint®. ICBA aggregates the power of its members to provide a voice for community banking interests in Washington, and resources to enhance community bank education, marketability, and profitability options that help them compete in an ever-changing marketplace.
Promontory Interfinancial Network formed an alliance with the Community Development Bankers Association (CDBA) to enable socially motivated investors and banks seeking Community Reinvestment Credit to invest safely in America's underserved and most impoverished communities simply by making deposits through Community Development Banks. CDBA is the national membership trade association of the community development banking industry, and all members are certified by the U.S. Department of Treasury as Community Development Financial Institutions.
The Independent Bankers Association of Texas (IBAT) endorses CDARS, the Certificate of Deposit Account Registry Service, and has entered into a strategic marketing relationship with Promontory Interfinancial Network for ICS, the Insured Cash Sweep service. These services help banks and thrifts secure large-dollar deposits and attract and retain their customer relationships.
IBAT is a trade association representing more than 2,000 Texas community banks and branches, and was organized in 1974 "...to promote the interests of independent banking in areas vital to independent banks.” Today, IBAT continues to be a pioneer in providing products and services to its member banks.
BNY Mellon, provides issuance, custody, settlement, and recordkeeping services for Promontory Interfinancial Network.
BNY Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 35 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations, and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. As of June 2015, it had $28.6 trillion in assets under custody and administration and $1.7 trillion in assets under management. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on bnymellon.com, or follow BNY Mellon on Twitter @BNYMellon.
Promontory Interfinancial Network teamed with Farin & Associates to form a strategic education alliance to demonstrate how financial institutions can better manage their cost of funds by using ICS, the Insured Cash Sweep service, and CDARS, the Certificate of Deposit Account Registry Service. Farin & Associates specializes in developing retail strategies to improve the profitability of financial institutions and is nationally recognized as a provider of asset/liability management software.
"To price efficiently and profitably, a banker must compare risk- and cost-adjusted retail products to wholesale alternatives, measure the rate sensitivity of market segments, and choose funding alternatives with lowest marginal cost. ICS and CDARS are valuable tools that bankers can use to help meet their needs."
– Thomas A. Farin
President and Chief Executive Officer
Farin & Associates
ICS, Promontory Interfinancial Network’s Insured Cash Sweep service, is integrated with a number of the FIS deposit platforms through the FIS Cash Manager module. FIS is the world’s largest global provider of banking and payments technology.
"Integrating the ICS service with the FIS Cash Manager system automates many of the features and functionalities banks look for in a core-processing solution."
– Jeff Bloedorn
Vice President for Business Development
Trust and Wealth Management Solutions
Promontory Interfinancial Network’s ICS service is integrated with the Premier® bank platform from Fiserv, Inc. For banks that employ both Premier and ICS, this integration saves time, simplifies the data and order entry processes, reduces the likelihood of data entry error, and enhances reporting capabilities. Fiserv is a leading global provider of financial services technology solutions.
The Founders of Promontory Interfinancial Network, LLC also founded Promontory Financial Group, LLC (PFG), a separate company and leading provider of regulatory consulting to banks, broker-dealers, and other financial services firms. PFG is unique in that its professionals have served as leaders at the highest ranks of federal and state regulatory agencies, Wall Street, and Fortune 100 corporations in the financial services sector. Since its founding in 2001, PFG has worked successfully around the globe to resolve a multitude of problems faced by its clients in crisis management, risk management, compliance, regulatory relations, M&A activities, cost-saving/review enhancement programs, strategic planning, and due diligence.
Promontory Financial Group is a subsidiary firm of Promontory Group, LLC.