IntraFi Network

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. The company is located in Arlington, Virginia.[1]

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

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.[2][3] IntraFi was included in the Washington Post's list of Top Workplaces 2018.[4][5] 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.[6] The company changed its name to IntraFi Network in 2020.[7]

Products

IntraFi offers FDIC-insured deposit placement services, including the Certificate of Deposit Account Registry Service, or CDARS; Insured Cash Sweep service, or ICS; and the Insured Network Deposits service, or IND.[8] IntraFi also publishes a quarterly business outlook survey of banks.[9] 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.[10]

References
  1. "IntraFi Network".
  2. "Alan Blinder - Princeton University". www.princeton.edu. Retrieved 22 February 2019.
  3. www.bloomberg.com https://www.bloomberg.com/Research/stocks/private/person.asp?personId=51118263&privcapId=45817065. Retrieved 22 February 2019. {{cite web}}: Missing or empty |title= (help)
  4. https://www.washingtonpost.com/graphics/2018/business/top-workplaces/
  5. http://www.aba.com/Products/Endorsed/Pages/IND.aspx
  6. www.bloomberg.com https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=45817065. Retrieved 22 February 2019. {{cite web}}: Missing or empty |title= (help)
  7. https://news.yahoo.com/promontory-interfinancial-network-changes-name-152000499.html
  8. Business 2 "Company Overview of Promontory Interfinancial Network, LLC" Bloomberg
  9. "IntraFi - Bank Survey Reports". www.promnetwork.com. Retrieved 22 February 2019.
  10. 4 Lauren Young, "Advisers steer clients to safer havens in stormy market," Reuters, August 4, 2011
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