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Press Release
ModernFi Surpasses 1,000 Financial Institutions, Reinforcing Its Role as Critical Infrastructure for the U.S. Banking System
ModernFi, the leading technology platform for deposit management, announced today that it has passed 1,000 financial institutions in its deposit networks. The announcement comes after rapid growth in its bank network, which now serves roughly 20% of all U.S. banks. Through ModernFi’s deposit networks, institutions of all sizes are able to provide additional security to large-value depositors and strategically manage their funding. The 1,000 institution milestone is confirmation of ModernFi’s role as critical infrastructure for U.S. banking and its mission to empower its partner institutions to grow and better serve their communities.
Since ModernFi’s founding in 2022, a dynamic rate environment and periods of banking stress have led to a heightened focus on prudent deposit management from both institutions and regulators. ModernFi’s deposit network technology has brought a superior depositor and admin experience, fair pricing, institution-alignment, and improved service to the critical reciprocal deposit market. Now totaling nearly $500 billion following Congress’s recent legislation expanding their acceptable use, reciprocal deposits have cemented themselves as foundational infrastructure for community and regional institutions, and ModernFi is fast becoming the market’s preferred provider.
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“ModernFi is proud to support over 1,000 institutions in all 50 states. Community and regional institutions are the powertrain of the American economy. We’re grateful to bring them the modern technology, strong alignment, and fair pricing they deserve so they can continue to power the communities and industries that rely on them.”
Paolo Bertolotti, CEO and Cofounder of ModernFi
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As ModernFi looks ahead, it remains focused on expanding its deposit network depth and services, investing in further enhanced technology and delivering quickly growing capacity to partners. The 1,000 milestone is another step on ModernFi’s path to serve as critically important infrastructure that drives the American economy and empowers its partner institutions.
The full list of participating banks and credit unions is available at nbid.com/bank-list and modernfi.com/credit-union-list.
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