The Promontory Network: The Bank Network Chosen by 50% of U.S. Banks
Founded more than a decade ago, Promontory Interfinancial Network connects the nation’s banks with other banks and key constituents in a way that helps each to benefit from “the power of many”—a network of financial institutions working together to offer services that otherwise might be too difficult or too costly to offer individually. Over the years, the company has created a bank network with incredible reach.
Promontory Interfinancial Network has been selected by more than 3,000 banks across the nation. The composition of these banks – members of the Promontory Network – mirrors the composition of the banking industry in terms of asset size.
Ninety-six percent of Promontory Network members are community banks (banks with fewer than $10 billion in assets)
Approximately 80% are smaller community banks, or Main Street banks (banks with fewer than $1 billion in assets)
Last year, the company helped its network of banks to make approximately 1.5 million bank-to-bank connections per week (reflecting the placement of funds from one bank to, or the receipt of funds by one bank from, another bank).