Promontory Interfinancial Network LLC will integrate its Insured Cash Sweep and Certificate of Deposit Account Registry Service with Fiserv Inc.'s Premier bank platform.
The combining of ICS and the CD registry with the Premier platform automates some features, simplifies data and order entry processes, reduces the likelihood of error and enhances reporting capabilities, Promontory said in a press release. Banks can use the ICS and CD registry to serve depositors interested in multimillion-dollar Federal Deposit Insurance Corp. insurance, reduce ongoing collateralization costs and replace higher-cost funding, according to the release.
The integrated system for ICS is available now to financial institutions on the Premier platform. Integration for the CD registry will be phased in over the coming months. Promontory also is planning future integrations for other Fiserv platforms.
Promontory includes more than 3,000 members who use the network to purchase wholesale funds, attract new deposits and reduce collateralization costs.
