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]
| Formerly | Promontory Interfinancial Network |
|---|---|
| Industry | Financial services |
| Founded | 2002 |
| Headquarters | Arlington, Virginia, U.S. |
Key people | Mark Jacobsen (cofounder & CEO) |
| Website | www |
History edit
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 edit
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 edit
- ^ "Firm plays a unique role in protecting big deposits". bizjournals.com. 2008-10-27. Retrieved 2023-09-10.
- ^ "IntraFi Network".
- ^ "Alan Blinder - Princeton University". www.princeton.edu. Retrieved 22 February 2019.
- ^ "Mark P. Jacobsen: Executive Profile & Biography - Businessweek". Bloomberg News. Archived from the original on 2016-03-04. Retrieved 2017-09-08.
- ^ "Top Workplaces 2018". Washington Post. Retrieved 2022-07-03.
- ^ "IND - Promontory Interfinancial Network". Archived from the original on 2015-11-06. Retrieved 2015-11-12.
- ^ "Best Places to Work in Fintech," American Banker, June 1, 2020 https://www.americanbanker.com/list/best-places-to-work-in-fintech-2022
- ^ "IntraFi LLC,""IntraFi Network LLC - Company Profile and News". www.bloomberg.com. Retrieved 22 February 2019.
- ^ "Chairman Tanoue Announces Appointment of Mark Jacobsen as Chief Of Staff of the Office of the Chairman". FDIC. Retrieved 2023-09-10.
- ^ "Promontory Interfinancial Network changes name". Yahoo!. Retrieved 2024-01-23.[dead link]
- ^ Business 2 "Company Overview of Promontory Interfinancial Network, LLC" Bloomberg
- ^ "IntraFi - Bank Survey Reports". www.promnetwork.com. Archived from the original on 22 February 2019. Retrieved 22 February 2019.
- ^ 4 Lauren Young, "Advisers steer clients to safer havens in stormy market," Reuters, August 4, 2011