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Promontory Interfinancial Network LLC will integrate its Insured Cash Sweep and Certificate of Deposit Account Registry Service with Fiserv Inc.'s Premier bank platform.
November 4
Promontory Interfinancial Network LLC said Wednesday that its Insured Cash Sweep service is now integrated with many FIS deposit platforms through the FIS Cash Manager Module.
The change will provide time savings and reduce the likelihood of mistakes through automation and improved reporting capabilities, said Steve Kinner, Promontory's head of sales, in a press release.
"It is now easier for bankers to use ICS to provide their customers with access to multimillion-dollar FDIC insurance, to reduce ongoing collateralization costs, and to replace higher-cost funding," Kinner said.
Promontory had previously announced that it had integrated its ICS and Certificate of Deposit Account Registry with Fiserv Inc.'s Premier bank platform. The Arlington, Va.-based Promontory includes more than 3,000 members who use the network to purchase wholesale funds, attract new deposits and reduce collateralization costs.
