Mutual Fund Sweep – Off-balance sheet sweep solution

Mutual Fund Sweep fully automates the processing required for banks to provide commercial customers with the ability to use excess funds to purchase same-day securities. This solution takes excess funds deposited into accounts with established “floors” and “ceilings” and automatically sweeps them into “no book” accounts to be used for purchasing securities. Securities are redeemed and the funds automatically swept back into deposit accounts when account floors are reached. This automated process occurs at a designated time each day, providing brokers with the funds available to purchase securities and the amount of redemptions required. Sweep investments enable banks to offer commercial customers a high-demand service, tiered interest rates and the ability to report fewer deposits on the FR2900 report.

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