3rd Party Sweep
On-balance sheet cash management sweeps
3rd Party Sweep enables cash deposited in commercial checking accounts that exceeds targeted balances to be automatically swept into FDIC-insured money market accounts. When account balances fall below targeted balances, funds are automatically swept back into checking accounts. 3rd Party Sweep enables banks to attract and retain lucrative commercial deposits with a highly competitive cash management service that effectively enables interest to be paid on commercial checking accounts. This on-balance sheet cash management sweep solution enables banks to increase fee and interest income and FDIC coverage. This internally managed sweep service enables commercial customers to manage their money more efficiently by eliminating daily manual account transfers, and allows them to earn higher interest rates on excess funds that would normally be swept into off-balance sheet, uninsured securities.
This solution is available to banks automated by the SilverLake System and CIF 20/20 core platforms.
What It Does
- Allows cash in excess of a customer’s target balance to be invested in an FDIC-insured money market deposit account.
- Enforces the industry’s highest security standards.
- Seamlessly integrates ongoing technology advances.
- Integrates with Jack Henry Banking’s SilverLake System and CIF 20/20 core processing solutions.
What It Does For You
- Allows banks to effectively pay interest on commercial checking accounts.
- Provides a competitive rate of interest on excess funds that ordinarily would be swept to off-balance sheet overnight investments.
- Helps address commercial customers’ cash management needs.
- Increases banks’ deposit opportunities.