Features

Benefits

• Eliminate or Reduce Idle Balances: Eliminates the need to hold idle balances in each account to meet end-of-day batch payments such as cheque clearing and media clearing.
• Reduce Overdraft Charges: System automatically off-sets any deficits with credit balances, thus reducing the need to incur overdrafts.
• Reduce Transaction & Administration Costs: System automatically sweeps funds to cover cash shortfalls, which eliminates the time, effort and costs involved in the physical movement of funds. Similarly, the swept funds can be reversed the next business day to meet daily transactions.
• Improve Yields on the Investment of Surplus Funds: System enables surplus funds of various entities to be physically commingled, providing greater flexibility in making short-term investments to enhance yields on available funds.
• Automated Computation and Re-allocation of Interest: Interest is reallocated to the respective accounts reducing the time and effort spent calculating inter-company borrowings and inter-company settlements arising from daily sweeps.
• Control: Comprehensive reports are provided to the parent or group account, detailing the daily activities of the swept balances, interest benefits, and positions of each participating entity.
• Maximum Interest: Automates the movement of funds from non-interest bearing accounts to an interest bearing accounts