Sightline Payments and Cross River Bank on Monday announced that Sightline Debit now offers patrons access to millions in aggregate FDIC insurance at network banks through IntraFi Cash Service, or ICS. The offering delivers protection for patrons and gives gaming operators a clear point of differentiation.
FDIC protection covers up to $250,000 per depositor, per insured bank, per ownership category. By leveraging ICS, Sightline Debit and Cross River can automatically allocate deposits across participating network banks to give patrons access to multi-million aggregate FDIC insurance.
The exponential increase gives VIP players greater security over their money.
“This is a meaningful payments innovation for our industry,” Sightline Payments Co-founder and CEO Omer Sattar said in a statement. “By enabling access to multi-bank FDIC insurance through IntraFi’s ICS service, operators can provide their patrons with a higher standard of security and protection without changing how payments are managed or adding cost to the patron. It’s an important step toward patron safety and a distinct competitive advantage for operators.”
IntraFi’s network includes thousands of FDIC-insured institutions nationwide. Its automated, multi-bank sweep approach provides a path to access deposit insurance protection by automatically allocating deposits across accounts at participating institutions. Patrons continue to access their balances through their primary Cross River accounts without having to open or manage multiple bank relationships.
Access to the FDIC coverage is offered at no additional cost to Sightline Debit cardholders.
Deposit placement through ICS is subject to the terms, conditions, and disclosures in applicable agreements. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks.
Certain conditions must be satisfied for pass-through FDIC deposit insurance coverage to apply.