Promontory Interfinancial Network

IntraFi Network (Formerly Promontory Interfinancial Network), LLC, is a privately held firm with a network of financial institutions that has approximately one-third of all U.S. commercial banks and thrifts as members. The company is located in Arlington, Virginia.[1]

IntraFi offers FDIC-insured deposit placement services, including the Certificate of Deposit Account Registry Service, or CDARS; Insured Cash Sweep service, or ICS; and the Insured Network Deposits service, or IND.[2]

The company changed its name to IntraFi Network in 2020. [3]

IntraFi also publishes a quarterly business outlook survey of banks.[4] IntraFi's services help bank depositors to access FDIC insurance above the $250,000 limit through a single bank relationship. As Reuters has noted, IntraFi's services “rose in popularity during the 2008 financial crisis. Money is spread around in chunks across a network of ‘well-capitalized’ banks, with maturities of four weeks to five years.” In some cases, however, the yields are lower than those on CDs and money market accounts.[5]

The company was founded by a number of former federal banking regulators and BNY Mellon provides issuance, custody, settlement, and recordkeeping services for IntraFi.[6][7][8] The Cofounder and CEO of the company is Mark Jacobsen, a former chief of staff of the Federal Deposit Insurance Corporation (FDIC) and inventor of 13 patents related to IntraFi's FDIC-insured deposit placement services.[9] Jane Gladstone joined the firm as President in 2020.[10]

IntraFi was included in the Washington Post's list of Top Workplaces 2018.[11]