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updatedAt: 2026-08-24T15:31:51.000Z
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# Participation Options

The <Glossary>DDM Program</Glossary> supports several participation options that define how a <Glossary>Participating Institution</Glossary> interacts with the DDM Program, whether it sends funds, receives funds, or participates in reciprocal exchange. These options are not universally available; eligibility depends on the institution's relationship structure (client segments) and operating model (<Glossary>Direct-Source Model</Glossary> or <Glossary>Indirect-Source Model</Glossary>).

Participation describes behavior within the DDM Program, while <Anchor target="_blank" href="">Client Segments</Anchor> describe who the institution is and how it is structured. Together, these two parameters determine which participation options are available and under what conditions. Each option supports balance-sheet objectives, funding strategies, and regulatory considerations.

At a high level, participation in the DDM Program falls into three categories:

* Send-Only
* Receive-Only
* Reciprocal

## Send-Only

In Send-Only participation, a <Glossary>Participating Institution</Glossary> sends their <Glossary>Customer Funds</Glossary> into the DDM Program but does not receive funds back from other participating institutions. This option is commonly used by institutions seeking to offer their customers access to expanded deposit insurance coverage, balance-sheet relief, or fee generation without assuming inbound funding obligations.

Send-Only participation is available to multiple Client Segments, including traditional banks, credit unions, and certain trust company relationships. In Indirect-Source scenarios, Send-Only participation must operate though a designated custodial or other bank, depending on regulatory and relationship constraints.

## Receive-Only

In Receive-Only participation, a Participating Institution accepts deposits allocated through the DDM Program but does not send its own Customer's funds into the program. This option supports institutions seeking diversified wholesale funding, liquidity support, or balance-sheet growth.

Receive-Only participation is limited to institutions that meet program eligibility requirements for receiving deposits, including regulatory status, capacity limits, and operational readiness. Availability varies by client segment.

## Reciprocal

Reciprocal participation allows a Participating Institution to both send funds into the DDM Program and receive funds in return. This option is designed to allow the institution to offer its customers access to expanded deposit insurance coverage while maintaining overall balance levels.

Two primary reciprocal variations are supported:

* 100% Reciprocal, where outbound and inbound balances are matched dollar-for-dollar; and
* Reciprocal Plus/Minus, where institutions may target net sending or receiving positions above or below parity, subject to program rules and regulatory considerations.

### 100% Reciprocal

In a 100% (dollar-for-dollar) reciprocal arrangement, a Participating Institution sends uninsured deposits into the program and receives an equivalent amount of deposits in return. This structure preserves the Participating Institution's overall deposit level. It is commonly used by institutions seeking insurance optimization without materially changing balance-sheet size.

### Reciprocal Plus/Minus

In Reciprocal Plus/Minus arrangements, deposits are exchanged at a variable ratio rather than one-to-one (1:1). Depending on the agreed configuration, a Participating Institution may receive more deposits than it sends or send more than it receives. This flexibility allows institutions to dynamically manage deposit levels while maintaining reciprocal participation. These arrangements are subject to additional program controls, regulatory considerations, and client-specific agreements.

Reciprocal Plus/Minus participation is not a single configuration. Multiple operational variations exist that differ based on client segment, operating model, and program structure (for example, omnibus reciprocal or sweep-based arrangements).

These variations are addressed further in [Reciprocal Plus/Minus Variations](/docs/reciprocal-plus-minus-variations).

## Participation Options and Client Segments

Not all participation options are available to every client. For example:

* Traditional banks and credit unions operating under a Direct-Source model may access the full range of Send-Only, Receive-Only, and Reciprocal options.
* Bank-affiliated trust companies may have access to Reciprocal Plus/Minus variants that are not available to independent trust companies.
* State-Chartered trusts and Broker-Dealer relationships typically participate through Indirect-Source structures with constrained participation options.
* Banking-as-a-Service (BaaS) relationships may require enhanced due diligence and are often limited to specific Reciprocal or Send-Only configurations.

For a detailed mapping of which participation options apply to a specific client, see [Client Segments](/docs/ddm-overview#client-segments) in the Overview.

## Regulatory and Program Context

All participation options operate within the boundaries of the program rules. Participation in a given model does not alter an institution's regulatory responsibilities, which remain in the institution itself. The availability and configuration of Participation Models are further governed by Service Agreements with R\&T and the client's designated segment within the DDM Program.

## What's Next

* See [Reciprocal Plus/Minus Variations](/docs/reciprocal-plus-minus-variations) to explore complex net-sending/receiving positions.
* View [Operating Model Use Cases](/docs/operating-model-use-cases) to see the full mapping of segments to these models.