New Partnership Shows Growth Trend in FDIC Insured Cash Management Space
Intermedium Financial and Island Intellectual Property Enter Licensing Agreement
MAHWAH, NJ and MANHASSET, NY — February 13, 2012 — Intermedium Financial LLC (Intermedium) and Island Intellectual Property LLC (Island IP) today announced that they have entered into a license agreement. This arrangement provides Intermedium with a license to Island IP’s extensive patent portfolio, which currently contains more than twenty patents and many more pending patent applications relating to the cash management industry.
Intermedium offers highly efficient proprietary software solutions allowing expanded FDIC coverage to cash holdings of more than $250,000. The firm’s software supplies a seamless investment bridge between FDIC insured bank accounts and asset managers, brokerage houses and other institutional money managers looking to invest stable deposits.
Island IP is the owner of industry-leading intellectual property within the bank, broker-dealer, trust and retail markets. Island IP’s patent portfolio, related software, technology and know-how are being licensed by and are the core of some of the nation’s leading and most well-respected cash-management providers.
“Island IP’s patent portfolio is extensive and we are pleased to be able to license it,” said Jim Connelly, Founder and Chairman of Intermedium Financial LLC. “Our alliance with Island IP allows Intermedium to focus on growing market share and providing our services to more asset managers who are looking for cash management solutions that include expanded FDIC insurance as well as banks who need to diversify their sources of stable deposits.”
“We are pleased to enter this licensing agreement with Intermedium. Their team has strong experience in both the bank and broker-dealer channels, which are key requirements to being successful in this space,” said Bruce Bent II, President of Island Intellectual Property LLC. “We are also happy to see the offering of FDIC insured cash management solutions expand in the marketplace. Given the current environment of uncertainty and low interest rates, security is king. Intermedium is another great option for individuals and small businesses to enjoy extended FDIC coverage on their cash holdings.”
About Intermedium Financial LLC
Intermedium is a financial service company whose proprietary software solution provides a seamless investment bridge between bank FDIC insured accounts and asset managers, brokerage houses and other institutional money managers looking to invest stable deposits. Intermedium’s insured sweep technology provides a comprehensive, turnkey solution for both banks and institutional money managers. For banks, Intermedium provides a stable source of reasonably priced deposits. For money managers, Intermedium affords access to FDIC insured accounts that offer the highest and best combination of earnings, liquidity and safety for those cash balances.
About Island Intellectual Property LLC
Island IP is the owner of industry-leading intellectual property within the bank, broker-dealer, trust and retail markets. Island IP holds and manages patents and other intellectual property and currently has more than twenty issued U.S. patents and more than twenty additional patent applications pending. Island IP’s patent portfolio, related software, technology and know-how are being licensed by and are the core of some of the nation’s leading and most well-respected cash-management providers. Examples of Island IP solutions that are being used today include an expanded FDIC Insurance offering and liquidity-management tool for the broker dealer marketplace, a reciprocal deposit program providing expanded FDIC protection to bank customers a core deposit on-balance-sheet cash sweep program.
Intermedium Financial: Jim Connelly, 201-345-5460,
E-mail: Jim Connelly