Promontory Financial Group, LLC
The Founders of Promontory Interfinancial Network, LLC also founded Promontory Financial Group, LLC (PFG), a leading provider of regulatory consulting to banks, broker-dealers, and other financial services firms. PFG is unique in that its professionals have served as leaders at the highest ranks of federal and state regulatory agencies, Wall Street, and Fortune 100 corporations in the financial services sector. Since its founding in 2001, PFG has worked successfully around the globe to resolve a multitude of problems faced by its clients in crisis management, risk management, compliance, regulatory relations, M&A activities, cost saving/review enhancement programs, strategic planning and due diligence.

Promontory Financial Group is a subsidiary firm of Promontory Group, LLC. Other subsidiaries include Promontory Asset Finance Company, LLC, and Promontory Compliance Solutions, LLC

 

The Bank of New York
The Bank of New York Company, Inc. (NYSE: BK) teams with Promontory to provide issuance, custody, settlement, and recordkeeping services for the CDARS network. The Bank of New York Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking.

 

Teamed with Accenture, Promontory offers the Banker's Procurement Service (BPS) to assist network banks with their technology acquisition services including technology selection, system sizing, configuration management, and procurement. BPS connects Promontory Network Institutions to more than 400 leading technology vendors providing technology hardware, software, and services. Accenture is a global management consulting, technology services and outsourcing company with approximately 90,000 employees in 48 countries.

 

Community Development Bankers Association
Promontory formed an alliance with the Community Development Bankers Association (CDBA) to enable socially-motivated investors and Community Reinvestment Credit seeking banks to invest safely in America's underserved and most impoverished communities simply by making deposits through Community Development Banks. CDBA is the national membership trade association of the community development banking industry and all members are certified by the U.S. Department of Treasury as Community Development Financial Institutions.

"This promises to be a tremendous opportunity for CDFI-banks. We can envision hundreds of millions of dollars of investments flowing into underserved communities to finance housing and to launch new businesses - once potential investors understand they can put their money on a social mission with no danger of loss. Our goal is to channel $1 billion in deposits to community development banks in the first two years of this initiative."

 

Farin & Associates
Promontory teamed with Farin & Associates to form a strategic education alliance to demonstrate how financial institutions can better manage their cost of funds by using the Certificate of Deposit Account Registry Service. Farin & Associates specializes in developing retail strategies to improve the profitability of financial institutions and is nationally recognized as a provider of asset/liability management software.

"To price efficiently and profitably, a banker must compare risk- and cost-adjusted retail products to wholesale alternatives, measure the rate sensitivity of market segments, and choose funding alternatives with lowest marginal cost. CDARS is a valuable tool that bankers can use to help meet their needs."

 

ICBA
Promontory has formed a cooperative alliance with the Independent Community Bankers of America (ICBA) to help community banks attract and retain large deposits, as well as better serve their most valued customers through Promontory's Certificate of Deposit Account Registry Service, or CDARS. ICBA aggregates the power of its members to provide a voice for community banking interests in Washington, and resources to enhance community bank education, marketability and profitability options that help them compete in an ever-changing marketplace.

 

Metavante
Promontory entered in a technology integration alliance with Metavante Corporation to provide Metavante clients with seamless access to CDARS. Metavante Corporation delivers banking and payment technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, and electronic presentment and payment. The company's services are marketed as Metavante or through the AFS, CSF, Kirchman, NYCE, PSI and Paytrust brands, all of which are trademarks of Metavante Corporation. Headquartered in Milwaukee, Metavante is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).

"Offering our financial institution clients a flexible CD [service] that encourages their customers to make time deposits in larger amounts with their institution will be useful in marketing and customer-retention strategies."