ICS - Promontory Interfinancial Network

ICS®, the Insured Cash Sweep® Service

​Promontory Interfinancial Network, LLC ("Promontory") provides smart, innovative solutions that enhance the profitability of banks and other financial institutions. By using Promontory's ICS, CDARS®, IND®, and Bank Assetpoint® services, financial institutions can build profitable, million-dollar relationships; manage their balance sheets; purchase cost-effective funding; and sell or buy bank assets.

About ICS
With ICS, the Insured Cash Sweep service, Promontory Network members can offer access to multi-million-dollar FDIC insurance so that they can attract and retain large-dollar customers, replace higher-cost funding, and reduce collateralization.

When a customer places a large deposit with a Promontory Network member, that institution uses the ICS service to place the funds at other FDIC-insured member institutions in demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both.

The placement of customer funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, a customer can access insurance coverage from many. And the customer receives one monthly account statement from the relationship bank for each ICS service option utilized.

Market Profile
ICS is offered in all 50 states, the District of Columbia, Puerto Rico, and Guam. Approximately 3,000 financial institutions are members of the Promontory Network.​​​​​​​​​​​​We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with ICS and CDARS. - Chris Huss, Capital Markets Director, CoBiz Bank​​


 

 Program Benefits

 

ICS can help participating banks to:​

  • Compete head-on with the largest financial institutions
  • Feature access to significantly higher levels of FDIC coverage than banks of any size can offer on their own
  • Improve margins and asset liquidity by reducing ongoing collateralization requirements

Operationally, ICS:

  • Offers true reciprocal funding
  • Gives member banks the flexibility to set the rates their customers receive
  • Does not require member banks to manually track customer withdrawals
  • Does not require member banks to secure large-dollar deposits and track collateral values on an ongoing basis
  • Does not lead to the sharing of a relationship bank’s customer information with other banks (except for the custodian)

All of this makes ICS more convenient than other deposit sweep services.  

Learn more about ICS
 

Use of the ICS service is subject to the terms, conditions, and disclosures set forth in the ICS agreements, including the ICS Participating Institution Agreement and the ICS Deposit Placement Agreement. Limits and customer eligibility criteria apply. ICS program withdrawals are limited to six per month when using the ICS savings option. Insured Cash Sweep, ICS, ​CDARS, IND, and Bank Assetpoint are registered service marks of Promontory Interfinancial Network, LLC.​​​​​

Questions? Please contact Jackie Lucas for more information.

 

 Testimonials

 
​"We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with ICS and CDARS." 
- Chris Huss, Capital Markets Director, CoBiz Bank

"Our public funds customers appreciate knowing that when they place their funds through ICS, those funds are eligible for FDIC protection beyond $250,000 and earn interest. That benefits them, as well as local taxpayers, as our bank can make those funds available for investment within the community."
 – Mario Martinez, President,
Catskill Hudson Bank 
 

 Before We Recommend, We Research

 
 

 Program Contacts

 

​ABA Contact
Robin Gordon
Tel: (202) 663-5128
Email: rgordon@aba.com

Promontory Interfinancial Network, LLC
1300 N. 17th Street, Suite 1800
Arlington, VA 22209
Contact: Steve Kinner
Tel: (703) 292-3445
Toll Free: (866) 776-6426
Emai: sales@promnetwork.com
Web Site: www.promnetwork.com

 

 More ABA Endorsed Solutions by Promontory

 
  • CDARS, the Certificate of Deposit Account Registry Service®
  • IND, the Insured Network Deposits® Service
  • Bank Assetpoint