Promontory Now IntraFi Network
A press release entitled, "Promontory Interfinancial Network has changed its name to IntraFi Network" tells us, "Promontory Interfinancial Network is changing its name to IntraFi Network 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 IntraFi Network Deposits and its funding products will become IntraFi Funding." CEO and Cofounder Mark Jacobsen comments, "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. 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." The release tells us, "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." President Jane Gladstone explains, "IntraFi Network is designed to convey clearly and concisely who we are and what we do. 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." Finally, Luanne Cundiff, President and CEO of First State Bank of St. Charles, adds, "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."
