Infovisa and Total Bank Solutions (TBS) Collaborate to Provide Extended FDIC Insurance for Cash Sweeps
07/25/2017 | 07:01am EDT
NEW YORK, July 25, 2017 (GLOBE NEWSWIRE) -- Today Infovisa® and Total Bank Solutions (TBS) announced that they have agreed to offer the TBS Insured Deposit Program as a cash sweep option to the Infovisa client base. The Insured Deposit Program provides trust clients with the benefit of extended FDIC insurance, daily liquidity and the opportunity for improved returns. By accepting deposits, banks that participate in the program gain access to a diversified source of stable funding.
Michael Dinges, President and Chief Executive Officer at Infovisa, said, “The TBS Insured Deposit Program is an excellent cash management solution for our clients. With recently implemented changes in money market funds, it has become increasingly important that our clients have options for cash management. We have partnered with TBS because its platform offers competitive returns, robust integration, and is compliant with banking regulations. We are looking forward to a successful relationship.”
“We are very excited to be able to offer clients on the MAUI platform a compelling cash sweep alternative for investors who require principal protection, same-day liquidity and operational convenience. We believe the combination of our proprietary sweep technology, risk analytics platform and strong program bank network represents an immediate and trusted solution to money market fund reform for Infovisa’s clients. Working with Infovisa, our goal is to provide their clients with a fully integrated and seamless insured deposit sweep option,” said Kevin Bannerton, Partner at TBS.
Infovisa and TBS are currently jointly working on integration for the partnership, and plan to bring their first mutual client live in August 2017.
Infovisa is a leading provider of financial technology solutions delivered to forward-thinking trust, wealth management, and retirement professionals. Infovisa's solutions empower its clients to acquire new customers, invest assets effectively, manage trust and investment portfolios efficiently, and flexibly report results to customers. Infovisa has over $120 billion in assets under administration on its trust and wealth management platform. For more information about Infovisa, visit www.Infovisa.com.
ABOUT TOTAL BANK SOLUTIONS Total Bank Solutions, is a privately held technology firm located in Hackensack, NJ, founded in 2004 to serve the needs of banks and other financial intermediaries. Leveraging proprietary technology, TBS’ FDIC Insured Deposit Program currently has more than $60 billion in assets under administration; is designed to provide TBS’ financial intermediary clients with the ability to offer their customers the benefit of extended FDIC insurance, and to provide participating banks with a stable, diversified and cost-effective source of deposit funding. By providing participants with access to innovative and customized products and services, TBS seeks to deliver solutions to help clients meet their unique funding and investment needs today and position their firms for future success.
TBS Bank Monitor offers clients the ability to conduct in-depth risk analysis and surveillance in order to analyze the “safety and soundness” of all FDIC-insured institutions. TBS provides access to its proprietary Bank Monitor system and process support through an online subscription service. For more information about TBS, visit www.totalbanksolutions.com.