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 Promontory Interfinancial Network's services, including CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; and the Bank Assetpoint® service.
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.
Independent Bankers Association of Texas 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 Promontory Network services help banks and thrifts secure large-dollar deposits and attract and retain their customer relationships.
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 40 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 March 2017, it had $30.6 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.
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.
Promontory Interfinancial Network’s ICS service is integrated with multiple platforms from Fiserv, Inc. For banks that use Fiserv 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.