Community Bank Funding Company and Innovest Systems Align to Offer Online Marketplace for Certificates of Deposit
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DENVER, CO and NEW YORK, NY, August 12, 2009 – Denver-based Community Bank Funding Company and New York-based Innovest Systems today announced a strategic alliance to bring a higher-yielding, fixed income financial instrument with improved efficiencies and cost savings to Innovest’s customers in the independent and bank trust provider market.
The combined marketing effort allows Innovest Systems, a financial technology firm specializing in trust accounting and wealth management solutions, to offer Community Bank Funding Company’s eCD™ product to its client base. eCD™ is an online marketplace for certificates of deposit (CDs), where institutional buyers and sellers conduct transactions on a fully automated system. The eCD marketplace allows investors to buy CDs of varying sizes and maturities, using a streamlined process while maintaining FDIC insurance. In addition to the system’s unique and wide range of CD choices offered by hundreds of community banks nationwide, eCD™ investors benefit from better rate execution along with reduced costs and administration.
Innovest’s flagship product, InnoTrust, a trust accounting and wealth management platform, allows its customers to significantly streamline their operations, further customer relationships, and reduce overall costs. Clients of Innovest will benefit from online access to Community Bank Funding Company’s enormous range of CDs based on their chosen criteria. CDs are entered in book entry form for more cost effective tracking, reporting and accounting.
William Thomas, chief executive officer of Innovest Systems, said, “We are pleased to collaborate with Community Bank Funding Company so that we can deliver additional value to our clients. This alliance demonstrates our commitment to leveraging technology to bring more choice and greater efficiency to our clients. Clients now have easy access to a national FDIC-insured CD inventory with better rates and less costs.”
Community Bank Funding Company managing director, Jeremy Colvin, comments, “This is a beneficial alliance for all parties - we have valued CD inventory and an automated exchange portal, while Innovest’s clients are provided with a new technology-driven solution to benefit its trust and wealth management client base. Both of our companies share the same vision of creating customer efficiencies and profitability through innovation.”
About Community Bank Funding Company
Community Bank Funding Company is an innovative financial services company headquartered in Denver, Colorado, which offers a full suite of funding solutions for banks. Community Bank Funding Company has more than 450 customers with annual funding volume of over $7 billion. The company is a majority-owned subsidiary of Republic Financial Corporation, a privately held investment company founded in 1971.
About Innovest Systems
Innovest Systems is a financial technology firm that provides technology-driven solutions to trust and wealth management companies. With tens of trillions of dollars worth of assets transferring between generations over the coming decades, Innovest’s flagship product, InnoTrust, is designed to deliver a secure, integrated, real-time system offered in an Application Service Provider (ASP) environment. Innovest’s technology is designed to meet the needs of smaller independent trust and wealth management companies, as well as the world’s largest global financial services firms. Innovest is headquartered in the financial district of New York City. For more information about Innovest Systems, visit www.innovestsystems.com.