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Intrasweep Enjoys Patent on Reciprocal Deposits Technology
Friday, May 22, 2009
New York, NY -- Intrasweep LLC ("Intrasweep") is pleased to announce that on Tuesday, May 19, 2009, the U.S. Patent and Trademark Office issued to its sister company, Island Intellectual Property LLC ("Island IP"), U.S. Patent No. 7,536,350, entitled "Systems and Methods for Providing Enhanced Account Management Services for Multiple Banks" (the "’350 Patent"). The ’350 Patent is related to its sweep technology that enables banks to offer enhanced FDIC insurance coverage through multiple banks with reciprocal deposits, thereby keeping deposits on a bank’s balance sheet to fund loan demand.
Intrasweep, Island IP, and Double Rock Corporation, the parent to both companies, filed a federal lawsuit on May 19, 2009, in the U.S. District Court for the Southern District of New York, seeking to enforce the ’350 Patent: ISLAND INTELLECTUAL PROPERTY LLC, INTRASWEEP LLC, and DOUBLE ROCK CORPORATION v. DEUTSCHE BANK AG, DEUTSCHE BANK TRUST COMPANY AMERICAS, and TOTAL BANK SOLUTIONS, LLC.
"We are pleased that Island IP has been granted the ’350 Patent. Enabling banks to offer enhanced FDIC insurance to all customer types with reciprocal deposits sets a new standard for the banking community," said Charles R. Macedo, a partner with Amster, Rothstein & Ebenstein LLP, which is representing Double Rock and its subsidiaries.
Island IP was recently issued US Patent No. 7,509,286, "Systems and Methods for Money Fund Banking with Flexible Interest Allocation", and US Patent No. 7,519,551, "Systems and Methods for Administering Return Sweep Accounts".
Intrasweep LLC is a wholly owned subsidiary of Double Rock Corporation and an innovative bank servicing company dedicated exclusively to supporting the deposit and liquidity needs of banks and their commercial clients.
Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock Corporation that holds and manages the patents, patents pending and other intellectual property for Double Rock and its wholly owned subsidiaries and affiliate companies.
Double Rock Corporation is a leading cash management and financial technologies company providing the industry’s most innovative cash management and cash-related solutions to the broker-dealer, banking, qualified plan and retail direct space. The company was formerly known as Reserve Management Corporation.
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