NEW YORK, Nov. 07, 2017 (GLOBE NEWSWIRE) — TBS Insured Deposit Program — Today Accutech Systems and Total Bank Solutions (TBS) announced that they have agreed to offer the TBS Insured Deposit Program as a cash sweep option for all Accutech Systems’ clients. The Insured Deposit Program provides trust clients with the benefit of extended FDIC insurance, daily liquidity, and the opportunity for improved returns. By accepting deposits, banks that participate in the program gain access to a diversified source of stable funding.
Adam Unger, President at Accutech Systems, said, “The Insured Deposit Program (IDP), administered by Total Bank Solutions, gives Accutech the ability to offer our Cheetah™ and Gold ™ platform users an FDIC-insured alternative to money market mutual funds. TBS’ Insured Deposit Program offers safety, liquidity, competitive rates and insulates investors from the changes brought on by money market reform. The TBS IDP platform has flexible technology and interface integration, and is compliant with banking regulations that we require of our partners. We are excited about the opportunity to enhance our product offering and look forward to a successful relationship.”
Kevin Bannerton, Partner at TBS said, “We are delighted to be able to provide an end-to-end cash sweep alternative that provides principal protection, extended FDIC insurance, and same-day liquidity to Accutech Systems’ clients on the Accutrust Cheetah™ and Accutrust Gold™ platforms. Our Insured Deposit Program’s operational convenience, proprietary risk analytics platform, and strong program bank network will give Accutech Systems’ trust customers a comprehensive cash sweep solution. Our objective in working with Accutech Systems is to equip their clients with a fully integrated and seamless insured deposit sweep option.”
Accutech Systems and TBS have finalized the integration for the partnership, and have their first mutual client, which went live in September 2017.
ABOUT ACCUTECH SYSTEMS
Accutech Systems is a leading software solutions company serving the wealth management niche in the financial services industry. Founded in 1987, Accutech Systems is a privately held technology company headquartered in Muncie, IN. Its flagship product, Accutrust Cheetah™ combines an innovative role-based design and leading edge technology to deliver a 100% browser-based and SaaS deployed solution that enables complete mobility for clients to provide world-class service.
ABOUT TOTAL BANK SOLUTIONS
Total Bank Solutions (TBS), a privately held technology firm located in Hackensack, NJ, was founded in 2004 to serve the needs of banks, broker-dealers and other financial intermediaries. TBS’ FDIC Insured Deposit Program, with over $60 billion in assets under administration, is designed to provide clients with the benefit of extended FDIC insurance and, for participating banks, a stable, diversified and cost-effective source of deposit funding. By providing participants with access to innovative and customized products and services, and by leveraging proprietary technology, TBS seeks to deliver solutions to help clients meet their unique funding and investment needs today and position their firms for future success.
As part of its sweep program, TBS includes TBS Bank Monitor, a service offering clients the ability to conduct in-depth risk analysis and surveillance in order to determine the “safety and soundness” of all FDIC-insured institutions. TBS provides access to their proprietary Bank Monitor system and process support through an online subscription service. For more information about TBS, visit www.totalbanksolutions.com.
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Total Bank Solutions
For more information about the TBS Insured Deposit Program: www.totalbanksolutions.com