With IND, broker-dealers can
- Offer a multi-bank, FDIC-insured deposit sweep product.
- Offer customers a superior investment alternative – access to multi-million-dollar FDIC insurance on their cash account balances.
- Control the margin earned from the service.
- Replace existing money market mutual fund sweep accounts and increase margins.
- Tier the rate offered to various customer segments, if they wish to do so.
- Use IND balances to fund affiliate banks, if desired/applicable.
- Leverage the expertise of Promontory, as the provider of the industry's leading deposit sweep service, to implement your program successfully.
Our expertise in executing deposit sweep programs is unparalleled. We have
- Extensive experience as the leading provider of deposit sweep services.
- In-depth sales and system development expertise.
- Senior management that includes individuals who have designed and implemented similar programs for nationally recognized broker-dealers.
Our platform is a proven system, sized for millions of accounts and transactions, and currently handling billions of dollars in daily balances.
How IND works:
- Your institution retains full control of its customer relationships.
- Fund movements are controlled by your institution (with The Bank of New York as settlement agent).
- Daily reconciliation occurs between your institution and program banks.
- Your institution has access to a complete audit trail.
- System-wide implementation is possible in as little as 90 days.
- We provide detailed project plans and proactively manage the process during all phases of implementation and ongoing operations.
To learn more about IND, please contact
Ted Hamilton
Senior Managing Director
Promontory Interfinancial Network, LLC
280 Park Avenue, 33rd Floor West
New York, NY 10017
(212) 365-6571
thamilton@promnetwork.com