Insured Cash Sweep

The Independent Bankers Association of Texas (IBAT) today announced that it has joined forces with Promontory Interfinancial Network, LLC to market Promontory’s new ICS, or Insured Cash Sweep, service to IBAT members through IBAT’s affiliate, IBAT Services.

“Community bankers can use ICS to provide their customers with access to multi-million-dollar FDIC insurance, along with the ability to earn interest and to withdraw funds six times a month,” said Chris Williston, IBAT president and CEO. “It perfectly complements Promontory’s flagship service, the Certificate of Deposit Account Registry Service® – CDARS®.”  IBAT has been a strong supporter of Promontory for many years, and IBAT Services has marketed Promontory’s CDARS service since 2009.

“As they did with CDARS, IBAT community bankers will find ICS to be an effective way to meet their customers’ needs, whether the customers are institutions, such as businesses and local governments, or individuals.  It is an important tool they can use to compete with large financial service providers,” Williston added.