Insured Network Deposits
Insured Network Deposits®, or IND®, is an FDIC-insured deposit sweep program that can enable broker-dealers to provide superior sweep alternative for their customers’ cash balances.
This service can help brokerage firm managers to significantly increase profit margins over those earned on short-term investment accounts (like money market funds) and to deliver a differentiated sweep product – one with access to multi-million-dollar FDIC insurance.
For banks, it provides another attractive funding option. With this service banks can access cost-effective funding in large-dollar increments ($25 million to billions of dollars) for the long term (e.g., up to several years). Funding is available without collateralization.
The IND service management team possesses unparalleled banking, regulatory, and technical experience in developing and managing deposit sweep programs.
Ted Hamilton, Senior Managing Director
Served as Director of Merrill Lynch’s Money Markets Group, where he helped to develop Merrill’s insured deposit service, the Insured Savings Account. Mr. Hamilton also served as a Managing Director at Smith Barney, where he designed and developed Smith Barney’s insured deposit service, the Insured Deposit Account.
Anthony Carlino, Managing Director, Head of IND Operations
Worked as CTO for Merrill Lynch Bank & Trust Co., where he was responsible for the implementation of the deposit sweep program and the associated investment and trading systems for Merrill Lynch banks. As Lead Technologist, he was responsible for ensuring that the sweep systems met the standards of the FFIEC examination guidelines used by FDIC examiners.
Robert Hyland, Senior Vice President
Possesses extensive experience leading major technology efforts in manufacturing, distribution, and service industries. Mr. Hyland served as CTO for several global companies, including Toys R Us.
Read an IND case study to learn more about how Network members are successfully using IND.
For more information, please contact us.