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Mutual Funds Sweep™


Off-balance sheet sweep solution

Mutual Fund Sweep solution enables commercial banking customers to use excess funds in deposit accounts to purchase securities in a same-day environment. This allows a customer to deposit funds into a regular account that has a set floor and ceiling, and credits any excess funds into a "no book" account that is used to purchase securities on a daily basis. If the customer needs to redeem securities and credit funds back to meet the account floor, the debit sweep takes place automatically. Processing occurs at a designated time of the day when transactions are created and memo posted, providing brokers with the amount of money available to purchase securities or the amount needed to redeem the securities. The investment "no book" account funds move to a specified ledger account. The sweep investment account looks and acts like a normal deposit account except the balances are not added into any bank trials or control totals. The financial institution benefits from a lower reporting of deposits on the FR2900.

This solution is available to banks automated by the SilverLake System® and CIF 20/20® platforms.

What It Does

  • Allows commercial banking customers to use excess funds in deposit accounts to purchase securities in a same-day environment.
  • Automatically sweeps redeemed securities and credits funds back into deposit accounts to meet the account floor.
  • Processes funds at a designated time of day when transactions are created and memo posted, providing brokers with the amount of money available to purchase securities or the amount needed to redeem.
  • Moves investment "no book" account funds to a specified ledger account automatically.
  • Enables sweep accounts to look and act like normal deposit account except the balances are not added into any bank trials or control totals.
  • Allows the bank to offer tiered interest rates to preferred customers.
  • Enforces the industry’s highest security standards.
  • Seamlessly integrates with ongoing technology advances. 

What It Does For You

  • Allows the financial institution to report a lower amount of deposits on the FR2900.
  • Provides sophisticated cash management solutions necessary to acquire and retain depositors who typically carry high cash balances and demand market rates of interest on idle funds.
  • Enhances customer service while expanding existing commercial customer relationships.
  • Retains customers who would otherwise go to "non-banks" for this service.
  • Provides an opportunity for the bank to generate assets and increase loanable funds. 
     
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  • Product Briefs
    Mutual Funds Sweep Product Brief

    Banks today are vying for the depositors who typically carry high cash balances and demand market rates of interest on idle funds. Jack Henry Banking’s Mutual Fund Sweep solution can help you acquire and retain these customers.
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