Empowering growth and profitability: R&T Deposit Solutions joins the Banking-as-a-Service (BaaS) Association

Empowering growth and profitability: R&T Deposit Solutions joins the Banking-as-a-Service (BaaS) Association

FOR IMMEDIATE RELEASE  – August 16, 2023

NEW YORK, NY – R&T Deposit Solutions (R&T) announced today that it joined The BaaS Association (BaaS Association).  This is a pivotal move that reinforces R&T’s commitment to empower growth and innovation among community banks, a critical segment within the banking industry that represents 77% of banking as a service (BaaS) participants1. The BaaS Association was founded in 2022 as part of the Bankers Helping Bankers network. It provides a unified voice for financial institutions and fintech firms dedicated to advancing the adoption of BaaS solutions.

 Recognizing the transformative potential of BaaS solutions, R&T has joined the BaaS Association to engage with industry leaders, share collective insights, and contribute toward the further adoption of BaaS solutions, which includes the deployment of advanced technologies and new business models that R&T believes are critical next steps in the evolution of community banking.

As a member of the BaaS Association, R&T gains access to a dynamic network of like-minded professionals who are working to help shape the BaaS landscape. “Joining the BaaS Association was a natural progression for us as the association’s mission aligns closely with our own” said Joe Jerkovich, President and CEO of R&T. “Our membership expands our access to industry leaders, creating an opportunity for us to gain invaluable market insights and share our own perspective as we collectively work to help community banks compete in a rapidly changing environment.”

“As the BaaS Association continues to grow, the impact of our collective efforts on the community banking landscape becomes increasingly profound and the addition of R&T amplifies our shared mission” stated Dave Mayo, Founder of the BaaS Association.

Both R&T and the BaaS Association recognize the vital role community banks play in sustaining local economies and supporting small businesses. Recent industry surveys estimate that over 60% of small business loans are originated by small and mid-sized banks. For community banks to continue to thrive and fulfill this critical function, both R&T and the BaaS Association recognize the need to support community banks as they adopt these new technologies and expand their capabilities at attract and retain valuable customers.


About R&T:

Founded in 1974, R&T Deposit Solutions is a privately held financial technology company based in New York City. With over $200 billion in assets under administration, R&T offers a wide range of innovative tech-enabled services to help banks, credit unions, trust companies, broker-dealers, wealth managers and fintechs meet their unique cash sweep, deposit funding, and securities-based lending needs.

Through the Demand Deposit Marketplace® (DDM®) program, R&T provides participating banks with access to a diversified source of deposit funding as well as the ability to provide their underlying customers, including fintechs and their customers, with access of up to $50 million in expanded FDIC insurance on their deposits (per customer, per legal ownership category).  The reciprocal feature of the DDM program also enables participating banks to retain higher levels of insured deposits, or to send excess deposits by accessing the program’s network of over 350 banks. In addition, the program can be configured to meet the needs of each participating bank, allowing banks to white label to extend their own brand, set the interest rate paid to their customers and determine the level of available  FDIC insurance that best serves their customer base.


About The BaaS Association

The BaaS Association is the voice of the BaaS (Banking-as-a-Service) industry. The association promotes, supports, and advocates for BaaS sponsor banks which help serve millions of customers in a safe and compliant manner. The BaaS association represents over 80% of current BaaS sponsor banks operating across the United States.

The BaaS Association provides education, collaboration, and best-in-class practices that serve the unique needs of BaaS Sponsor banks. The BaaS Association also helps establish sound bank-fintech partnerships, including those who provide banking services for underbanked and underserved communities.




Contact Information


Rachel Hernandez

Director of Marketing


(512) 284-4987

Contact Information


Teresa Murphy                      



(212) 830-5240


Copyright © 2023. All rights reserved. Reich & Tang Deposit Networks, LLC, Reich & Tang Deposit Solutions, LLC, Stable Custody Group II LLC,  Total Deposit Solutions, LLC (each, d/b/a R&T Deposit Solutions) and/or any of their affiliates (together, “us”, “we”) provide administrative and/or recordkeeping services to participating financial institutions with respect to sweep and other programs we administer, including Demand Deposit Marketplace (DDM®), Reich & Tang Insured Deposits (RTID®) and Insured Deposit Program (IDP), as well as other services. We are not a depository, bank or credit union and the sweep and other programs we administer are NOT, themselves, FDIC-insured or NCUSIF-insured products.  Rather, under the programs, funds are swept or placed into accounts at receiving institutions that are FDIC and/or NCUSIF insured, subject to program limits.  Go to rnt.com/about/bank-lists/ or scan the QR code for a list of the banks and savings associations with which we have a business relationship for the placement of deposits under the programs we administer, and into which a participating institution may place deposits (subject to the limits and terms of those programs and any opt-outs by the participating institution and/or their customers).  FDIC and NCUSIF insurance coverage is only available to protect a depositor against the failure of a participating FDIC or NCUSIF insured institution that holds the depositor’s funds (and not to protect against the failure of any other party, including us). The services we provide with respect to the programs administered by us are primarily designed to provide administrative convenience for our financial institution clients to offer expanded FDIC or NCUSIF insurance on customer funds, and are not designed to provide customers with investment enhancements, or higher rates of returns or profits on their funds.  All of our services are provided subject to the terms and conditions of the written agreements entered into between us and the participating institution, and we provide no representations or warranties, express or implied, except as expressly set forth in those agreements.


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