Formerly | Promontory Interfinancial Network |
---|---|
Industry | Financial services |
Founded | 2002 |
Headquarters |
Arlington, Virginia, U.S. |
Key people | Mark Jacobsen (cofounder & CEO) |
Website |
www |
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]
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]
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]
Formerly | Promontory Interfinancial Network |
---|---|
Industry | Financial services |
Founded | 2002 |
Headquarters |
Arlington, Virginia, U.S. |
Key people | Mark Jacobsen (cofounder & CEO) |
Website |
www |
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]
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]
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]