Intrasweep, a bank service company focused on supporting the deposit and liquidity needs of banks and their commercial customers, has partnered with an additional 60 banks to help them strategically meet their deposit and liquidity needs.
Intrasweep’s On-Balance-Sheet Sweep, a commercial sweep that enables business customers to earn interest on excess funds in their checking accounts by sweeping to a money market deposit account held within the bank, retains core deposits, which can be used to fund loan demand and support local communities.
Intrasweep also launched Demand Deposit Marketplace (DDM), a marketplace that enables banks to acquire stable deposits to increase loanable funds, send deposits off their balance sheet to generate income and exchange reciprocal deposits with other banks to maximize their customers’ FDIC insurance coverage without decreasing their deposit base.
John Drahzal, president of Intrasweep, said: “Liquidity has saturated many banks, others are in need of capital, and a shift in the mindset of customers has them seeking expanded levels of FDIC protection. Through it all, our clients have reacted favorably to Intrasweep in that no matter their deposit or liquidity circumstance, we have a solution that meets both the banks’ and their customers’ needs.
“DDM enables banks to be more flexible and have greater control of their balance sheet, with 100% daily liquidity, regardless of the deposit environment they may be in. This is a very significant development for bank CFOs considering the wide spectrum of liquidity challenges they faced in 2009 and that will likely continue into 2010.