ARLINGTON, Va., Oct. 19, 2020 /PRNewswire/ -- Promontory
Interfinancial Network is changing its name to IntraFi
NetworkSM effective today.
As part of this rebranding effort, IntraFi Network is adopting
new logos and names to better describe its suite of financial
services — popular products that until now have included
CDARS®, Insured Cash Sweep®, Insured Network
Deposits®, and Insured Overnight Funding®.
Going forward, the company's deposit products will be consolidated
into IntraFiSM Network DepositsSM and
its funding products will become IntraFi FundingSM.
"Our new name recognizes how our company has evolved over the
past 18 years — from a small fintech providing a single service for
less than 100 banks to a company offering an array of all-weather
solutions to thousands of institutions," said Mark Jacobsen, CEO and Cofounder of IntraFi
Network. "It's a new name, but still the same great people and
customer service. Another thing that won't change is our commitment
to always serve our network banks, never compete with them."
IntraFi Network has built the nation's largest deposit network,
chosen by more than 3,000 financial institutions. The company was
founded in 2002, invented reciprocal deposits, and is widely used
by big and small banks alike—95% of banks in IntraFi's network are
community banks, while 83% of banks with more than $1 billion of assets use its products and
services.
The new name is shorter, easier to pronounce, and emphasizes the
firm's most differentiating characteristic—the network and all that
can be accomplished within it.
"IntraFi Network is designed to convey clearly and concisely who
we are and what we do," said Jane
Gladstone, President of IntraFi. "It's about streamlining
the communication of our different offerings to our network members
and their customers. If banks want funding, they don't have to
navigate through five different names. It's the same for balance
sheet and liquidity needs—we've got financial institutions
covered."
Member banks are welcoming the name change.
"It signifies the approach that it has really been taking for
many years and that is digging deep into the strategy of each and
every financial institution that it works with and partnering with
them at every level," said Luanne
Cundiff, President and CEO of First State Bank of
St. Charles in Saint Charles, Missouri.
The firm's headquarters will remain in Arlington, Virginia.
Those who want to learn more about the name change can do so at
IntraFi's new website.
About IntraFi Network
Chosen by thousands of banks since its founding (as Promontory
Interfinancial Network) nearly two decades ago, IntraFi Network has
assembled the nation's largest bank deposit network. Its solutions
connect financial institutions of all sizes to help each build
stronger relationships with its customers, fund more loans,
seamlessly manage liquidity needs, and earn fee income. As the
nation's #1 provider of reciprocal deposits and a leading provider
of overnight and term funding options, IntraFi Network has the
scale to be a strategic partner for even the largest bank's funding
and capital management needs, or for the smallest.
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SOURCE Promontory Interfinancial Network, LLC