3rd Party Sweeps™ – On-balance sheet cash management sweep solution
It works like this …
3rd Party Sweeps offers commercial customers a convenient way to manage their money and earn a competitive yield. This premier cash management solution offers a competitive rate of interest on excess funds that ordinarily would be left in non-interest bearing accounts or swept into off-balance sheet overnight investments.
It’s automated …
3rd Party Sweeps allows cash in excess of a customer’s target balance to be invested in an FDIC-insured money market deposit account. Any time the checking account balance falls below the target balance, funds are automatically swept back into the checking account. This provides commercial customers with a premier cash management vehicle that offers an efficient and easy way to manage their cash. This fully automated solution enables banks to provide an additional cash management service to commercial customers, which helps attract and retain this lucrative segment of business.
Additional deposit opportunities …
3rd Party Sweeps provides banks with additional deposit opportunities, such as the ability to:
- Increase deposits in order to fund additional loans, bolstering interest income and net interest margin.
- Effectively pay interest on commercial checking accounts and provide expanded FDIC insurance coverage to attract and retain customers.
- Grow deposits, earn fee income, and provide internally managed sweep services to commercial customers.
- Provide a fluid and simple sweep solution product.
This innovative system strictly enforces the industry’s highest security standards; seamlessly integrates ongoing technology advances; and is fully integrated with Jack Henry Banking’s SilverLake System and CIF 20/20 core processing solutions.
3rd Party Sweeps is another innovative business banking solution that is designed to enhance the customer experience and expand commercial relationships at all points of contact.