Gary Hom, EVP and Chief Information Officer R&T® Deposit Solutions (R&T) has earned a distinguished reputation in the banking and financial services industry for providing innovative cash management solutions that help financial institutions build stronger and deeper relationships with their existing customer base, grow their new customer base and better manage their balance sheet.
R&T administers technology-centric deposit placement programs, including the Demand Deposit Marketplace® Program (“DDM® Program”), which give financial institutions the ability to offer automated, efficient cash sweep programs to their customers, while also serving as a daily balance sheet management solution for those institutions.
The deposit placement programs administered by R&T are networks of hundreds of participating banks, depository institutions, trust companies, wealth managers and broker-dealers. When combined, the power of those networks allow R&T to maximize the value it can offer to the financial institutions participating in them. Currently, R&T has approximately $162 in assets under administration across its administered programs.
A key benefit for a financial institution sending its customers’ funds into a program administered by R&T, especially during times of economic uncertainty, is the ability for the institution to offer its customers access to an expanded level of Federal Deposit Insurance Corporation (“FDIC”)-deposit insurance coverage on their funds. Under the programs, customer funds sent into the program are allocated to multiple FDIC-insured receiving banks, in increments of up to $250,000, per eligible depositor (e.g. based on TIN), per receiving institution, per account ownership category, resulting in the customer receiving access to an expanded level of FDIC deposit insurance coverage on their funds (up to the relevant program limit).
Currently, under the DDM Program, financial institutions can provide their customers with access of up to $50 million dollars per customer (e.g., based on TIN) in FDIC deposit insurance coverage on their funds. Although the customer’s funds are allocated to multiple receiving FDIC-insured banks, the customer continues to have daily access to their funds through their single primary financial institution that placed their funds into the program.
Aside from the above, the programs administered by R&T also give participating institutions, whether sending or receiving funds under the programs, the ability to strategically manage their balance sheet.
“We are always striving to enhance our offerings to make the process of bringing products to end customers as effortless as possible for our clients”, says Gary Hom, EVP and Chief Information Officer at R&T Deposit Solutions.
“R&T also provides our clients with comprehensive support and reporting tools, including an online account portal that provides a participating institution and its customers with a detailed summary of deposits and activity in the program.”
By offering white-label solutions and establishing API integrations with core banking systems and trust accounting platforms, R&T is able to deliver a seamless experience to its clients.
We are always striving to enhance our offerings to make the process of bringing products to end customers as effortless as possible for our clients
The backbone of R&T’s success lies in its team of dedicated professionals. By harnessing the collective knowledge of its employees, R&T delivers thoughtful solutions rooted in expertise and fosters a culture that understands the importance of risk management and compliance.
Positive client feedback stands as a testament to R&T’s success, reflected by its commendable net promoter score and strong referral business. This echoes R&T’s commitment to continuously refine its programs according to evolving client demands and market requisites.
For R&T, the goal is straightforward––to provide a seamless experience to our financial institution clients and their customers while introducing advanced features to help them make the best use of emerging opportunities.
Click here to view participating institutions.
Mr. Mull joins R&T from CLS Bank International, the world's leading provider of risk management and operational services for the global foreign exchange market, settling on average US$6 trillion daily across 18 currencies. Mr. Mull served as Chief Information Security Officer, overseeing the cyber and information security functions. Additionally, Mr. Mull was instrumental in helping to drive the organization forward on cyber resilience.
Mr. Mull is an experienced risk and security executive with an extensive background in information security and data protection, spanning thirty years in consulting firms, financial services organizations, federal and state government service providers, and the United States military. He has a proven track record of successfully operating in the most heavily regulated environments of systemic importance.
"This appointment comes at a pivotal time for R&T, as we continue to invest in technology and innovation to meet the evolving needs of our clients and stakeholders," stated Susan Cosgrove, R&T's Executive Chairperson. "Jason's extensive background and experience will be invaluable in aligning our enterprise risk management and information security strategy with our overall business objectives."
"We are thrilled to welcome Jason to R&T. His leadership and expertise will play a crucial role in strengthening our risk management and information security framework and ensuring that our organization remains at the forefront of cybersecurity and data protection," said Joe Jerkovich, President & CEO, R&T Deposit Solutions."
Jason's ongoing commitment to the protection of critical business infrastructure is reflected in his prior service as a board member at the Analysis & Resilience Center for Systemic Risk (ARC), a non-profit, cross-sector organization designed to mitigate systemic risk to the nation's most critical infrastructure from existing and emerging threats.