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Wednesday, September 05, 2007

U.S. Bank Rolls Out Money Fund Platform

News summary by MFWire's editors

U.S. Bank Institutional Trust & Custody this summer rolled out a money fund platform called U.S. Bank Cash Solutions Portal, which is powered by technology from CacheMatrix Holdings. The new technology will enable U.S. Bank to provide its corporate and institutional clients with access to a marketplace of institutional money funds from a number of top performing fund companies.

CacheMatrix Holdings, LLC (www.cachematrix.com), the leading provider of institutional money market fund trading technology to financial institutions, announced today that its technology is powering a new money fund platform for the clients of U.S. Bank Institutional Trust & Custody.

With the addition of CacheMatrix technology, U.S. Bank is able to provide its corporate and institutional clients with convenient access to a marketplace of institutional money funds from a number of top performing fund companies. U.S. Bank made the trading portal, called U.S. Bank Cash Solutions Portal, available to custody clients this summer.

"With corporate cash reserves at historic levels, U.S. Bank Cash Solutions Portal provides treasury professionals with a terrific fund management solution," said CacheMatrix Founder and CEO George Hagerman. "We are proud to help power this significant enhancement to U.S. Bank's suite of offerings to custody clients."

Superior Custody and Tools for Cash Management U.S. Bank Cash Solutions Portal provides a convenient way to access money market funds and manage holdings, and enables treasurers to maximize the value of the money fund portfolio. With a broad choice of investments, the portal enables treasurers to find the right balance of yield, liquidity and credit quality. Cash Solutions also provides online fund trading and access to account balances, earnings, transactions, and more.

"We are pleased to be able to offer our corporate and institutional clients this powerful portal technology," said Eric Harvey, vice president and product manager for U.S. Bank Institutional Trust & Custody. "CacheMatrix provides a seamless solution that integrates easily into our existing custodial offerings and systems."

Growing Demand

Treasurers are increasingly looking to cash management portals to help streamline their operations and mitigate risk and control issues. "We have seen growing demand for our trading technology as banks and their customers recognize the broad appeal of money fund portals," said Hagerman. "In roughly five years, bank money fund portals have captured 25 percent of the institutional money fund business and we are confident that the choice and convenience they provide will continue to attract treasurers."

Like the mutual fund supermarkets that revolutionized the equity fund industry in the mid-1980s, the CacheMatrix money market portal provides treasurers with a choice of competitive funds and a convenient, single-source platform for researching and managing them.

For banks, the CacheMatrix portal is a fully customizable technology, providing flexible service and product models. Built by a team of professionals with decades of money fund trading experience, CacheMatrix offers sophisticated, out-of-the-box, back office and metadata management functionalities, and can be configured to meet unique branding and user experiences. The technology's flexibility allows for customization of specific business rules and processes and can be integrated seamlessly into existing web sites.

About CacheMatrix Holdings, LLC

CacheMatrix is the leading financial software provider (SaaS) of online institutional trading systems for banks and financial institutions worldwide, providing turnkey solutions for money market portal technology, as well as fixed income and variable NAV trading systems. CacheMatrix enables banks and other financial services firms to offer their corporate clients online access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management. For more information, visit www.cachematrix.com.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $223 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,499 banking offices and 4,867 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com. 

Edited by: Erin Kello

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