ICS One-Way Buy for Banks
WHAT IS ICS ONE-WAY BUY?
ICS® One-Way Buy® is an easy way for banks to purchase cost-effective, floating-rate funding without collateralization requirements.
WHY DO BANKS CHOOSE ICS ONE-WAY BUY?
With ICS One-Way Buy, a bank can
- Access floating-rate funding that is tied to an index, such as the Fed Funds Effective Rate or 1-month LIBOR (to be replaced by secured overnight financing rate, SOFR)
- Select terms that range from three months to multiple years
- Enjoy the ease—no credit lines are needed, and no collateralization is required
- Tailor ICS One-Way Buy funding terms to meet its unique balance sheet needs
How Does ICS One-Way Buy Work?
Funds come from other Promontory Network member institutions whose customers have deposited funds through ICS.
Set-up is easy.
- Existing Promontory Network members sign a simple, two-page addendum to the existing CDARS-ICS Participating Institution Agreement. New members sign the standard CDARS-ICS Participating Institution Agreement and the addendum.
- The contracted rate is the all-in cost. It’s that simple!
Whether a bank is looking to fund responsible loan growth, diversify its funding options, or build in flexibility for the future, ICS One-Way Buy can be a cost-effective choice. Additional Promontory Network funding solutions are available that can further expand a bank’s options for financing its goals.
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Use of the ICS service is subject to the terms, conditions, and disclosures set forth in the CDARS-ICS Participating Agreement and the applicable Deposit Placement Agreement. Limits and customer eligibility criteria apply. ICS program withdrawals are limited to six per month when using the ICS savings option. ICS and One-Way Buy are registered service marks of Promontory Interfinancial Network, LLC.