Promontory Interfinancial Network LLC announced the integration of Promontory’s Insured Cash Sweep and the Certificate of Deposit Account Registry Service with the Premier bank platform from Fiserv.

Banks can use ICS and CDARS to: attract and retain large-dollar depositors interested in access to multimillion-dollar FDIC insurance; reduce ongoing collateralization costs; and replace higher-cost funding. The integration of ICS and CDARS with the Premier bank platform automates many of the features and functionalities banks look for in a fully integrated, core processing solution. The integration saves financial institutions time, simplifies the data and order entry processes, reduces the likelihood of error, and enhances reporting capabilities, the companies say.

“The integration of Premier’s feature-rich functionality and flexibility with Promontory Interfinancial Network’s innovative services related to ICS and CDARS will provide the tools financial institutions are looking for in order to grow revenue and increase efficiencies,” says Dave Wegman, head of Premier solutions for Fiserv. “A third of the Promontory Network’s 3,000 member institutions currently use a Fiserv bank platform, making this announcement especially significant.”

Integration for CDARS will be phased in over the coming months. In the future, integration with both Promontory services will also be phased in to other Fiserv banking platforms.

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