Double Rock Corporation Issued Patent on Innovative FDIC-Insured Sweep Technology

* Reuters is not responsible for the content in this press release.

Mon Mar 30, 2009 1:49pm EDT

NEW YORK--(Business Wire)--
Double Rock Corporation ("Double Rock") is pleased to announce that the U.S.
Patent and Trademark Office issued U.S. Patent No. 7,509,286, entitled "Systems
and Methods for Money Fund Banking, with Flexible Interest Allocation," to its
wholly owned subsidiary Island Intellectual Property LLC ("Island IP"). The
Patent is related to the FDIC-insured sweep technology that Double Rock
pioneered in late 1997. 

"This is a very significant day for us," said John Drahzal, Managing Director of
LIDs Capital LLC, a wholly owned subsidiary of Double Rock that will utilize the
newly issued patent and offer its Liquid Insured DepositsSM program to brokerage
clients. "We have been creating value for our brokerage clients since we
invented the first FDIC-insured sweep program over a decade ago. Receiving this
patent for our unique multi-bank tiering functionality is a fitting reward for
innovation for which we are extremely proud." 

The Liquid Insured DepositsSM program enables brokerage clients to have up to
$2.5 million of their cash holdings insured by the FDIC through one convenient
account. It also enables broker-dealers, clearing firms and their correspondents
to offer tiered interest rates. The ability to offer tiered interest rates
enables broker-dealers to reward customers based on total assets under
management instead of simply cash balances. The structure enables flexibility
and discretion in determining rates paid, recognizing the profitability of an
account. 

"Our clients recognize the importance of offering an FDIC-insured sweep with a
tiering option. Having been issued the patent reinforces our leadership in this
space and the strength of the service that we provide our partners and
ultimately their clients," Drahzal added. 

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 the
retail direct market. 

Island Intellectual Property LLC is a wholly owned subsidiary of Double Rock
Corporation that holds the patents, patents pending and other intellectual
property for Double Rock and its wholly owned subsidiaries and affiliate
companies. 

LIDs Capital LLC, formerly known as Reserve Management LLC, is a wholly owned
subsidiary of Double Rock Corporation that offers its Liquid Insured DepositsSM
(LIDs) program to broker-dealer and clearing firm clients. LIDs enables any
brokerage firm client to protect cash holdings with up to $2.5 million of FDIC
insurance through one convenient account. 



Double Rock Corporation
Frank Bonanno, 212-401-5750
media@doublerockcorp.com

Copyright Business Wire 2009

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.