R&T Deposit Solutions Celebrates 10-Year Collaboration and Significant Growth of DDM Program
NEW YORK, Aug. 5, 2024 /PRNewswire/ -- R&T Deposit Solutions ("R&T"), a leader in tech-enabled cash management and deposit placement programs, proudly announces the 10th anniversary of its business collaboration with The Huntington National Bank, a $196 billion regional bank headquartered in Columbus, Ohio. This decade-long relationship has driven the impressive growth of the Demand Deposit Marketplace® (DDM®) program, integrating R&T's innovative administration with Huntington's custodial and settlement expertise to deliver comprehensive financial solutions to banks, trust companies and wealth managers with unparalleled operational efficiency.
R&T chose Huntington as a custodial and settlement service provider in 2014 when DDM program balances were approximately $1 billion, and those balances have experienced a 10-year CAGR of more than 50%. This growth underscores the success of the collaboration in providing robust, scalable and resilient liquidity management tools to participating institutions.
About DDM:
- Safety to underlying customers with access to expanded deposit insurance, insuring greater than $50 million per TIN
- Ability to provide reciprocal capacity of more than $6 billion
- Provides flexible balance sheet management capabilities
- Reduced funding costs versus alternatives (e.g., collateralization and surety bonds)
Reflecting on the anniversary, Joseph Jerkovich, President & CEO of R&T, stated, "We are incredibly proud of our achievements with Huntington over the past 10 years. Our collaboration has driven remarkable growth and fostered innovation across our networks, benefiting hundreds of participating banks. This important partnership continues to fuel efficiency and progress, and we look forward to exploring new avenues for synchronized growth with Huntington in the years to come."
"At Huntington, we strive to provide services that achieve the best outcomes for our customers," said Maxum Tomaszewski, the bank's business development manager of corporate trust and custody services. "Our relationship with R&T has been instrumental in helping businesses thrive. Together, we have expanded the sophistication and efficiency of our operations, leading to significant asset growth. We are proud to work with industry leaders like R&T and are excited about the future of our collaboration."
As part of their continued innovation, Huntington and R&T will soon be expanding into the Certificate of Deposit (CD) space, further enhancing the value they provide to their customers.
About R&T Deposit Solutions
Celebrating 50 years in the industry, R&T Deposit Solutions provides cash management and deposit placement programs to the financial services sector. Through its tech-enabled services, R&T assists banks, credit unions, broker-dealers, trust companies, and wealth managers in meeting their unique cash sweep and deposit funding needs. As a leader in the administration of deposit networks, the Demand Deposit Marketplace® (DDM®) program administered by R&T offers banks and other depository institutions access to billions of dollars in reciprocal deposits, supporting their customers' deposit insurance needs. R&T is primarily owned by private equity firms GTCR and Estancia Capital Partners. Visit https://rnt.com/ for more information. For a list of R&T's list of receiving institutions in the DDM program visit https://rnt.com/about/receiving-institution-lists/. R&T is not an FDIC-insured institution. FDIC insurance only covers the failure of an FDIC-insured institution. Certain conditions must be satisfied for FDIC pass-through deposit insurance coverage to apply.
R&T Deposit Solutions Media Contact
Melissa Kaiser
[email protected]
SOURCE R&T Deposit Solutions
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