Intrafi
Frequently Asked Questions
What is IntraFi?
IntraFi is a U.S. financial technology company that operates a nationwide deposit network connecting thousands of financial institutions, helping them keep their customers’ money secure, manage liquidity, and strengthen their balance sheets.
What does IntraFi do (at a company level)?
IntraFi operates a large deposit network of 3,000+ participating financial institutions across the U.S. that helps institutions attract, retain, and place large deposits while reducing concentration risk and supporting regulatory and liquidity objectives. IntraFi was also the inventor of and first company to offer reciprocal deposits.
What are reciprocal deposits?
IntraFi pioneered reciprocal deposit placement services. When a bank places its customer’s deposit on a reciprocal basis, the customer’s funds are divided into amounts that do not exceed $250,000 and placed at network banks. In return, the bank receives a matching amount of funds (reciprocal deposits) from other institutions participating in the network. The bank receives the benefits of maintaining funds on its balance sheet while the customer’s funds become eligible for FDIC insurance across network banks.
IntraFi is not an FDIC-insured bank, and deposit insurance covers the failure of an insured bank. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply.
What products and services does IntraFi offer?
IntraFi offers:
- The IntraFi Cash Service® or ICS®
- The Certificate of Deposit Account Registry Service® or CDARS®
- IntraFi Sweep℠
- Yankee Sweep®
- IntraFi Repo℠
Yankee Sweep and IntraFi Repo do not offer depositors’ access to FDIC insurance but offer other benefits. Funds placed in Yankee Sweep are deposits but are not FDIC insuredand may lose value. Funds placed in IntraFi Repo are not FDIC insured, are not deposits, and may lose value.
Who uses IntraFi’s services?
More than 3,000 U.S. financial institutions participate in the IntraFi network, including community banks, regional and money center banks, brokerage firms, and fintechs. These institutions offer IntraFi’s services to businesses, government entities, nonprofits, individuals, and other safety-conscious investors.
How large is the IntraFi network?
IntraFi’s network spans thousands of institutions across America, representing 64% of U.S. banks, including 79% of community development financial institutions (CDFIs) and 92 of the top 100 U.S. banks.
Is IntraFi a bank?
No. IntraFi is not an FDIC-insured bank. FDIC insurance applies to deposits placed at FDIC-insured banks in the network.
Where is IntraFi headquartered?
IntraFi is headquartered in Arlington, Virginia. For corporate inquiries, call (866) 776-6426 or (703) 292-3400, or emailcontactus@intrafi.com.
What makes IntraFi different?
Scale, high-touch service, and IntraFi’s history of technological innovation and reliability make IntraFi stand out in the deposit space:
- Network scale and capacity: IntraFi offers the largest per-depositor, per-bank capacity and tens of billions of dollars each day.
- Client service model: IntraFi provides its network members ready access to a team with deep banking, technology, and regulatory expertise, including dedicated relationship managers and a large client services team that has earned a 99% customer satisfaction rating.
- Operational resilience: IntraFi’s systems are regularly subjected to third-party stress testing, disaster recovery testing, and business continuity testing. Additionally, the services are hosted on cloud platforms, with multiple regions available that provide critical redundancies in power supply, networking, and connectivity. IntraFi has a 23+ year track record spanning three financial crises without any disruption to services.
Who leads IntraFi?
IntraFi is governed by a board and executive team with extensive regulatory, banking, finance, and technology backgrounds. CEO and cofounder Mark Jacobsen invented the concept of reciprocal deposits. (See our leadership bios pages for details.)
How does IntraFi support communities?
With its services enabling large deposits to remain within local financial institutions, IntraFi helps support lending and investment in the communities those institutions serve. Deposits placed through the network help fund activities such as small business lending, infrastructure projects, municipal services, education, and housing.
IntraFi also supports mission-driven initiatives, including the Advancing Communities Together®, or ACT®, Deposit Program, which helps channel funding to banks focused on CDFIs and minority-owned depository institutions.
What industries and customer types does IntraFi serve?
IntraFi directly services financial institutions (banks, brokerage, and investment firms). These institutions’ customers (businesses, nonprofits, municipalities, fiduciaries, trusts, individuals, fintechs, and others) also benefit from using IntraFi’s services.
How does IntraFi think about security and reliability?
IntraFi prioritizes data security, fraud prevention, and reliability. Its comprehensive risk mitigation and security controls are continually tested and recognized as best in class. Since 2010, federal regulators have regularly examined and rated IntraFi using the FFIEC’s Information Security Examination Handbook and the Uniform Rating System for Information Technology.
What is IntraFi’s stance on privacy?
IntraFi is committed to protecting site visitor and client information; see our Privacy Policy for details on data collection, use, and security.
Where can I find your Terms & Conditions and patents?
Our Terms & Conditions and Patents notices are available on IntraFi.com; service access and usage are governed by applicable agreements.
Does IntraFi have awards or workplace recognition?
IntraFi has been recognized repeatedly as a best place to work in financial services and among medium-sized workplaces. See careers for recent highlights.
How can financial institutions engage with IntraFi?
Institutions can explore solutions for deposit growth, wholesale funding, and liquidity management on IntraFi.com and can connect with our relationship teams via Contact Us.
How can depositors or organizations learn more?
Review the Depositors page on our site to understand how participating institutions use our network to help safeguard large cash balances and manage liquidity and to find banks in our network.
Where can I read about the IntraFi network itself?
Information about how the IntraFi network operates, including its scale, diversification benefits, and nationwide reach, is available on the Our Network page.
Where can media find company news or request interviews?
Visit the Press page for news, reports, and media contacts.
How do I contact IntraFi?
Use the Contact Us page or call the corporate headquarters numbers listed there; we aim to respond within one business day.
Deposit placement through an IntraFi service is subject to the terms, conditions, anddisclosures in applicable agreements. Deposits that are placed through an IntraFi service at FDIC-insured banks in IntraFi’s network are eligible for FDIC deposit insurance coverage at the network banks. The depositor may exclude banks from eligibility to receive its funds. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage. Although deposits are placed inincrements that do not exceed the FDIC standard maximum deposit insurance amount(“SMDIA”) at any one bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA before settlement for deposits or after settlement for withdrawals or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through an IntraFi service satisfies any restrictions on its deposits. IntraFi, the IntraFi logo, ICS, IntraFi Cash Service, CDARS, Certificate of Deposit Account Registry Service, ACT, Advancing Communities Together, and Yankee Sweep are registered service marks, and IntraFi Sweep and IntraFi Repo are service marks, of IntraFi LLC.
The Yankee Sweep service is subject to the terms, conditions, and disclosures of the service agreements. Deposits placed using the Yankee Sweep service are not FDIC insured and may lose value.
The IntraFi Repo service is provided by Assetpoint Financial, LLC, a wholly owned subsidiary of IntraFi LLC and a member of FINRA and SIPC. Use of the IntraFi Repo service is subject to the terms, conditions, and disclosures set forth in the IntraFi Repo agreements. Funds in repurchase agreement transactions are not FDIC insured, are not deposits, and may lose value.
