Jump to content

IntraFi

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Vadeltachi (talk | contribs) at 00:40, 10 October 2023 (→History). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

IntraFi Network
FormerlyPromontory Interfinancial Network
IndustryFinancial Services
Founded2002
HeadquartersArlington, VA,
United States of America
Key people
Mark Jacobsen Cofounder & CEO
Websitehttps://www.intrafi.com

IntraFi Network (Formerly 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.[1] The company is located in Arlington, Virginia.[2]

History

The company was founded by a number of former federal banking regulators, and BNY Mellon provides issuance, custody, settlement, and recordkeeping services for IntraFi.[3][4] IntraFi was included in the Washington Post's list of Top Workplaces 2018.[5][6] The company was also ranked first as the best place to work for in fintech by American Banker, in 2018 and 2021.[7]

The Cofounder 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 IntraFi's FDIC-insured deposit placement services.[8][9] The company changed its name to IntraFi Network in 2020.[10]

Products

IntraFi offers FDIC-insured deposit placement services, including IntraFi Network Deposits and IntraFi Funding. These services combined the company's former offerings: Certificate of Deposit Account Registry Service, or CDARS; Insured Cash Sweep service, or ICS; and the Insured Network Deposits service, or IND.[11] IntraFi also publishes a quarterly business outlook survey of banks.[12] IntraFi's services help bank depositors to access FDIC insurance above the $250,000 limit through a single bank relationship. As Reuters has noted, IntraFi'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.[13]

References

  1. ^ "Firm plays a unique role in protecting big deposits". bizjournals.com. 2008-10-27. Retrieved 2023-09-10.
  2. ^ "IntraFi Network".
  3. ^ "Alan Blinder - Princeton University". www.princeton.edu. Retrieved 22 February 2019.
  4. ^ "Mark P. Jacobsen: Executive Profile & Biography - Businessweek". Bloomberg News. Archived from the original on 2016-03-04. Retrieved 2017-09-08.
  5. ^ "Top Workplaces 2018". Washington Post. Retrieved 2022-07-03.
  6. ^ "IND - Promontory Interfinancial Network". Archived from the original on 2015-11-06. Retrieved 2015-11-12.
  7. ^ "Best Places to Work in Fintech," American Banker, June 1, 2020 https://www.americanbanker.com/list/best-places-to-work-in-fintech-2022
  8. ^ "IntraFi LLC,""IntraFi Network LLC - Company Profile and News". www.bloomberg.com. Retrieved 22 February 2019.
  9. ^ "Chairman Tanoue Announces Appointment of Mark Jacobsen as Chief Of Staff of the Office of the Chairman". FDIC. Retrieved 2023-09-10.
  10. ^ https://news.yahoo.com/promontory-interfinancial-network-changes-name-152000499.html [dead link‍]
  11. ^ Business 2 "Company Overview of Promontory Interfinancial Network, LLC" Bloomberg
  12. ^ "IntraFi - Bank Survey Reports". www.promnetwork.com. Archived from the original on 22 February 2019. Retrieved 22 February 2019.
  13. ^ 4 Lauren Young, "Advisers steer clients to safer havens in stormy market," Reuters, August 4, 2011
Retrieved from "https://en.wikipedia.org/w/index.php?title=IntraFi&oldid=1179418653"