From products dealing with customer and employee interactions to services helping community banks reach their goals, this month's Tool Shop runs the gamut.*
Promontory Interfinancial Network
Promontory Interfinancial Network, an ICBA preferred service provider, now provides up to $25 million in deposit insurance coverage for customers-an increase of $5 million.
The company's Certificate of Deposit Account Registry, which spreads funds into CDs at numerous banks to overcome the Federal Deposit Insurance Corp.'s $100,000 limit, has a network of 1,130 banks.
Find out more at www.promnetwork.com.
John M. Floyd & Associates
Finding a top-caliber candidate for a management position can be a challenge. John M. Floyd & Associates Inc. has established JMFA Executive Search Group to identify, scrutinize and recruit candidates for senior management at banks. Positions the firm recruits for include CEO, chief operating officer, chief financial officer, president and other top-level professionals.
Find out more at www.jmfa.com.
COMBINED CREDIT SCORE
Equifax, Experian, Transunion
The world of credit scoring just got a new tool. Equifax, Experian and TransUnion have joined forces to create VantageScore, a new type of credit score that analyzes data from all three companies to arrive at a score.
Ranging from 501 to 990, the numeric score is also accompanied by a score similar to the familiar academic scale of A through F that advises lenders of a customer's credit worthiness.
Get the details at www.vantagescore.com.
Financial institutions requiring highly secure computer-to-computer interface to Federal Reserve Financial Services will be pleased to hear about FedLine Direct, a new Internet Protocol-based access solution for large banks with high transaction volumes.
FedLine Direct will initially offer access to its FedACH Service, Fedwire Funds Service and Fedwire Securities Service. Check and accounting services will also be available at a later date.
Learn more at www.frbservices.org.
Rennhack Marketing Services
Incentives can be effective tools for retaining customers and employees. …