Intrasweep, a New York-based bank service company that supports the deposit and liquidity needs of banks and their commercial clients, has announced that 16 more banks have introduced its On-balance-sheet Deposit Sweep (ODS) solution to their commercial customers over the past two months.
Intrasweep has said that the cash management solution helps banks to grow deposits and improve their balance sheet liquidity, while enabling their commercial depositors to earn interest on idle account balances.
John Drahzal, managing director, said: We are pleased that our new clients are able to retain core deposits on their balance sheets. Our clients can use these core deposits to make loans, gain market share, and support the local community. Intrasweep adds these 16 new markets to its rapidly growing clientele who recognize the importance of an on-balance-sheet sweep solution. Intrasweep has been providing its deposit and liquidity solutions for more than a decade, and now, more than ever, banks realize the value of this innovative program.
Intrasweep offers banks a cash sweep solution that generates more core deposits, improves balance sheet liquidity, facilitates local lending and provides strategic cash management solutions for commercial customers.
