IntraFi Network Services is a financial technology company that provides services to banks and other financial institutions to help them manage and optimize their deposits.
IntraFi Network works by providing services that enable individuals and institutions to access expanded FDIC insurance coverage on large deposits by distributing funds across a network of banks.
One of the services IntraFi Network Deposits offer is called "CDARS" (Certificate of Deposit Account Registry Service) and another is "ICS" (Insured Cash Sweep).
Eligible entities for IntraFi Network Deposits include banks, credit unions, and other financial institutions looking to offer customers expanded FDIC insurance coverage on deposits.
IntraFi Deposits can provide coverage of up to $50 million per customer through a network of multiple FDIC-insured banks and increased protection of deposits beyond the standard $250,000 limit.
The benefits of IntraFi Deposits include increased FDIC insurance coverage, diversified placement of funds among multiple banks, and streamlined administration for institutions.